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Natural economic quantities and their measurement

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  • Julian Reiss

Abstract

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.

Suggested Citation

  • Julian Reiss, 2001. "Natural economic quantities and their measurement," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(2), pages 287-311.
    • Handle: RePEc:taf:jecmet:v:8:y:2001:i:2:p:287-311
    DOI: 10.1080/13501780110047327
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    References listed on IDEAS

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    8. P. McAdam & K. Mc Morrow, 1999. "The NAIRU Concept - Measurement uncertainties, hysteresis and economic policy role," European Economy - Economic Papers 2008 - 2015 136, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    Cited by:

    1. González, Germán, 2006. "A Growth Theory and Competitiveness Gains Measure Linkage," MPRA Paper 143, University Library of Munich, Germany.

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