Measurement, Quantification and Economic Analysis: Numeracy in Economics (0415089158)

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Most economists assume that the mathematical and quantitative sides of their science are recent developments. Measurement and Quantification in the Development of Economic Analysis shows that this is a misconception, arguing that economists have long relied on measurement and quantification as essential tools.

What is new is the analysis of how quantitative techniques emerged as the essential element of economic description and discussion. In this volume each contributor provides an analysis of a particular technique and its impact on the development of economics. The editor contends that contemporary economics is the third stage, relying on the tools of mathematical formalism, game theoretic experiments and econometric testing to confirm that individual and aggregate behaviors generate optimizing outcomes. Ultimately, the authors are skeptical about the role which mathematical and quanticative tools now play in contemporary economic theory.

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