Economics Dictionary of ArgumentsHome
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| Measurements, philosophy: A) the problem of measuring is discussed in the context of interpretations of quantum mechanics. B) the comparison of D. Davidson's attribution of linguistic meanings to measurement is taken up in other theories._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Trevor W. Swan on Measurements - Dictionary of Arguments
Harcourt I 5 Measurements/Economic growth/factor rewards/marginal products/Swan/Harcourt: In 1956 Swan(1) published one of the first of a spate of neoclassical models of economic growth in which the equality of factor rewards with marginal products plays a crucial role. >Factors of production, >Factor price, >Capital, >Factor market, >Production theory, >Capital structure. In the appendix to his article he provided a rationale for his procedure. It contained two strands. 1) The first was the device of using a primary unit, namely, a one all-purpose commodity - his famous meccano sets model - so that capital may be measured in terms of its own unit, i.e. itself. The commodity is, moreover, malleable so that both specificity and heterogeneity - two essential characteristics of capital goods - may be abstracted from, and the implications of disappointed expectations in the sense of actual quasirents differing from expected ones may be avoided. In effect it is 'as if perfect foresight always prevailed. 'Capital' as an aid to production and as privately owned property, whether held or invested by its owners, become indistinguishable. A theory of production and of distribution may thus be invoked simultaneously. That is to say, the level of output and its distribution between labour and 'capital' are explained simultaneously by the same set of factors. 2) The second defence was to examine the neoclassical procedure of considering notional changes at equilibrium points in a stationary state. SwanVsChampernowne: Swan argues that the Champernowne chain index measure of capital is peculiarly suited to cope with this procedure in the analysis of a process of accumulation over time. >Capital/Champernowne. RobinsonVsSwan: This viewpoint was (…) vigorously disputed by Joan Robinson, who argues that comparisons of equilibrium positions one with another are not the appropriate tools for the analysis of out-of-equilibrium processes or changes, and that the neoclassical procedure is singularly ill-equipped to cope with the problem of 'time' Cf. >Time/Rothbard. 1. Swan, T. W. [1956] 'Economic Growth and Capital Accumulation', Economic Record, xxxn, pp. 334-61._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Swan I Trevor W. Swan Trevor Winchester Swan, Volume I: Life and Contribution to Economic Theory and Policy (Palgrave Studies in the History of Economic Thought) London 1922 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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