Measuring instruments in economics and the velocity of money
AbstractEconomic measurements are generated by complicated systems of measurement involving economic and bureaucratic processes. Whether these measuring instruments produce reliable numbers: ‘facts’ that travel well, depends on the qualities of these systems. Ideas from metrology, and from the philosophy and sociology of science, are used to analyse various attempts to measure the velocity of money ranging from the 17th to the 20th centuries. These historical experiences suggest that numerical facts are likely to travel well in economics when the criteria implied by all three of these disciplinary approaches to measurement are met.
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Bibliographic InfoPaper provided by London School of Economics and Political Science, Department of Economic History in its series Economic History Working Papers with number 22535.
Length: 39 pages
Date of creation: Aug 2006
Date of revision:
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Postal: LSE, Dept. of Economic History Houghton Street London, WC2A 2AE, U.K.
Phone: +44 (0) 20 7955 7084
Web page: http://www.lse.ac.uk/economicHistory/
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Find related papers by JEL classification:
- N0 - Economic History - - General
- F3 - International Economics - - International Finance
- G3 - Financial Economics - - Corporate Finance and Governance
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
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