Measurement, Quantification, and Economic Analysis: Numeracy in Economics

Most economists assume that the mathematical and quantitative sides of their science are relatively recent developments. Measurement, Quantification and Economic Analysis shows that this is a misconception. Economists have long relied on measurement and quantification as essential tools. What is relatively new is their emergence as essential elements in economic description and discussion.
The editor contends that the predilection of contemporary economics for mathematical formalism, game theoretic experiments and econometric testing to confirm that aggregate behaviors generate optimizing outcomes marks the third stage in the development of measurement and quantification tools in economics. The papers that have been commissioned for this volume offer analyses of particular techniques and examine their impact on the development of numeracy in economics.
Each contribution stands alone but is also an integral part of the theme of numeracy in economics. Given the requirements for the progress of adaptation of these tools from other fields has become a source of problems. Ultimately there is skepticism about the dominating role of measurement and quantification tools in contemporary economic theory.