Natural economic quantities and their measurement
This paper discusses and develops an important distinction drawn by Jevons, viz . that between natural and fictitious quantities. This distinction provides a basis for a 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.
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Volume (Year): 8 (2001)
Issue (Month): 2 ()
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References listed on IDEAS
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- Olivier Blanchard & Lawrence F. Katz, 1996.
"What We Know and Do Not Know About the Natural Rate of Unemployment,"
NBER Working Papers
5822, National Bureau of Economic Research, Inc.
- Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
- Blanchard, O & Katz, L, 1996. "What We Know and Do Not Know about the Natural Rate of Unemployment," Working papers 96-29, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, June.
- Karl Pichelmann & Andreas Ulrich Schuh, 1997. "The NAIRU-Concept: A Few Remarks," OECD Economics Department Working Papers 178, OECD Publishing.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, June.
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