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Natural economic quantities and their measurement

Reiss, Julian (2001) Natural economic quantities and their measurement. Journal of Economic Methodology, 8 (2). pp. 287-311. ISSN 1350-178x

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Identification Number: 10.1080/13501780110047327


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.

Item Type: Article
Official URL:
Additional Information: © 2001 Taylor & Francis
Divisions: CPNSS
Subjects: H Social Sciences > HB Economic Theory
Date Deposited: 02 Jun 2011 15:41
Last Modified: 20 Sep 2021 00:45

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