Measurement, Quantification and Economic Analysis : Numeracy in Economics - Ingrid H. Rima

Measurement, Quantification and Economic Analysis

Numeracy in Economics

By: Ingrid H. Rima (Editor)

Hardcover | 16 February 1995 | Edition Number 1

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Most economists assume that the mathematical and quantative sides of their science are relatively recent developments. Measurement, Quantification and Economic Analysis shows that this is a misconception. The authors argue that economists have long relied on measurement and quantification as essential tools. What is relatively new is the analysis of their emergence as perhaps the essential element of economic description and discussion. Each contributor provides an analysis of a particular quantitaive technique and its impact on the development of economics. The book contends that contemporary economics is the third stage. This relies on the tools of mathematical formalism, game theoretic experiments and econometric testing to confirm that individual and aggregate behaviors generate optimizing outcomes. However, problems have arisen in adapting these tools from other fields. Ultimately, the authors are sceptical about the role which measurement and quantification tools now play in contemporary economic theory.
Industry Reviews
"Professor Ingrid Rima, one of this era's principal interpreters of the evolution of economic thinking, has organized a volume showing that quantification of empirical phenomena in economics is neither a "modern scientific approach nor one without its historic critics. Rather, it is a valuable approach, often crafted by geniuses, but one with a long history of expressed caveats. Once again she has shown the usefulness of examining past discoveries, enthusiasms, and criticisms."-Mark Perlman

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