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Measuring instruments in economics and the velocity of money

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  • Morgan, Mary S.

Abstract

Economic measurements are generated by complicated systems of measurement involving economic and bureaucratic processes. Whether these measuring instruments produce reliable numbers: ‘facts’ that travel well, depends on the qualities of these systems. Ideas from metrology, and from the philosophy and sociology of science, are used to analyse various attempts to measure the velocity of money ranging from the 17th to the 20th centuries. These historical experiences suggest that numerical facts are likely to travel well in economics when the criteria implied by all three of these disciplinary approaches to measurement are met.

Suggested Citation

  • Morgan, Mary S., 2006. "Measuring instruments in economics and the velocity of money," Economic History Working Papers 22535, London School of Economics and Political Science, Department of Economic History.
    • Handle: RePEc:ehl:wpaper:22535
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    File URL: http://eprints.lse.ac.uk/22535/
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    Cited by:

    1. repec:pra:mprapa:67187 is not listed on IDEAS
    2. Anton, Roman, 2015. "Monetary Development and Transmission in the Eurosystem," MPRA Paper 67323, University Library of Munich, Germany, revised 08 Oct 2015.

    More about this item

    JEL classification:

    • N0 - Economic History - - General
    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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