Description - Measurement, Quantification and Economic Analysis by Ingrid H. Rima
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.
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