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Index Numbers and the Theory of Value

In: Prices, Growth and Cycles

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  • Utz-Peter Reich

Abstract

Economics is rightly called an empirical science today. The claim is based on two developments having taken place in this century, mathematization and national accounting. Mathematization of economics has provided the intellectual means for building interdependent and coherent models of complex economic processes; national accounts have provided a corresponding, equally coherent set of data. Yet, the initial dream under which such kind of ‘econometrics’ was launched has not become true. Economics has neither discovered specific laws of motion, nor has it determined constants of society, in analogy to constants of nature, which would allow irreproachable forecasts of future economic events. Economics has not become like mechanics.

Suggested Citation

  • Utz-Peter Reich, 1997. "Index Numbers and the Theory of Value," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 3, pages 35-57, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25275-6_3
    DOI: 10.1007/978-1-349-25275-6_3
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    Cited by:

    1. Bródy, András, 2004. "Az átfutási idő hatása [The effect of term of production]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 66-76.

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