| Author: | Reiss, J. |
| Title: | Natural economic quantities and their measurement |
| Journal: | Journal of Economic Methodology
2001 : JUN, VOL. 8:2, p. 287-311 |
| Index terms: | MEASUREMENT METHODOLOGY VALUE THEORY ECONOMICS |
| Language: | eng |
| Abstract: | This paper discusses and develops an important distinction drawn by Jevons, viz. that between natural and fictitious quantities. This distinction provides a basis for theory of economic concept formation that aims at picking out families of models that are phenomenally adequate, explanatory and exact simultaneously. Essentially, the theory demands of an economic quantity to be natural that 1) it is explained by a causal model, 2) it is measurable and 3) the measurement procedure is justified. The proposed theory is tested against two case studies, one historical and one contemporary. The paper provides a substantial list of references on this subject. |
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