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Quality Measurement in Economics : New Perspectives on the Evolution of Goods and Services - Steven Payson

Quality Measurement in Economics : New Perspectives on the Evolution of Goods and Services

Hardcover Published: January 1994
ISBN: 9781852789268
Number Of Pages: 256

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The concept of quality measurement is revived and given new meaning in this innovative new book. Steven Payson argues that quality measurement is an important issue in the study of price indices and in the additional areas of product innovation and evolutionary change. The user-value definition of quality is forcefully defended against the producer-cost definition, and a new method of measurement is introduced - the representative good approach (RGA). The RGA provides a new means for measuring quality over long periods of time by examining historical documents. A discussion of evolutionary change lays the groundwork for the identification of two processes: quality improvement and cost reduction. Using data from the Sears Catalog, quality improvement and cost reduction rates are estimated for five goods between 1928 and 1993: shoes, sofas, gas ranges, window fans and air conditioners, and cameras. The results are dramatic, supporting ground-breaking hypotheses on the determinants of quality improvement and cost reduction.

List of Figures
List of Tables
Preface
The meaning of qualityp. 1
Quality change in the context of economic evolution and scientific inquiryp. 34
Microeconomic foundations and empirical approachesp. 56
A new approach toward measuring quality changep. 96
Estimation of cost reduction and income response effectsp. 130
A model on long-run evolutionary changep. 152
Long-run determinants of quality and relative pricesp. 164
The quality of economic literaturep. 198
Conclusionp. 208
Appendix: Raw data from the Sears Catalogp. 212
Bibliographyp. 228
Indexp. 238
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781852789268
ISBN-10: 1852789263
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 256
Published: January 1994
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 24.13 x 16.51  x 2.54
Weight (kg): 0.54

Earn 481 Qantas Points
on this Book