Psychology 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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Robert Solow on Measurements - Dictionary of Arguments
Harcourt I 7 Capital/Measurements/return on investment/Fisher/SolowVsFisher/Solow/Harcourt: Solow [1963a(1), 1966(2), 1967(3), 1970(4)]: Solow's purpose was, in part, to get away from the obstacles of the measurement of capital and its related problems by developing instead the concept of the rate of return on investment. His own contributions were to graft technical progress on to Fisher's analysis and to apply the resulting concepts empirically, in order to obtain estimates of the orders of magnitude of the rates of return on investment in post-war U.S.A. and West Germany. >Irving Fisher. Joan RobinsonVsSolow: It is argued that neither in theory nor in empirical work has Solow been able completely to escape from the need to define and measure aggregate capital and to work within the confines of a one-commodity model. >Aggregate Capital. Harcourt I 116 Measurements/Solow/Harcourt: Realized expectations and perfect foresight are needed strictly to justify all Solow's results. >Expectations. Capital, rates of profits, etc., cannot be measured unless this is so, for past investments could not be weighted by their appropriate [values] (which themselves might no longer be appropriate). The calculations of the man of words would have irretrievably - and forever - parted company with those of the man of deeds, as Joan Robinson would say. >Joan Robinson. Comparisons taken from pseudo-production functions bear not at all on the out-of-equilibrium processes that have occurred. >Pseudo-production function, >Aggregate production function, >Cobb-Douglas production function. Harcourt: This approach to analysis is not, of course, confined to one side alone. And it should also be pointed out that the calculations are carefully hedged round with appropriate qualifications and a fine sense of the empirical orders of magnitude involved. Harcourt I 117 HarcourtVsSolow: Nevertheless, the analysis is an illegitimate extrapolation of results that hold only for a one commodity, malleable capital world in which the short run and the long run collapse into one and perfect foresight and realized expectations are guaranteed. >One-commodity model. With social rates of return somewhere in between, the inevitable implication is that something or someone needs to give a nudge to bring them all closer together. Otherwise the divergencies between social and private risks will continue to have unfortunate consequences for the social wellbeing of the economies concerned. >Return on investment/Solow. 1. Solow, R. M [1963] 'Heterogeneous Capital and Smooth Production Functions: An Experimental Study', Econometrica, xxxi, pp. 623-45. 2. Solow, R. M., Tobin, J., von Weizsacker, C. C. and Yaari, M. [1966] 'Neoclassical Growth with Fixed Factor Proportions', Review of Economic Studies, xxxm, pp. 79-115. 3. Solow, R. M. [1967] 'The Interest Rate and Transition between Techniques', Socialism, Capitalism and Economic Growth, Essays presented to Maurice Dobb, ed. by C. H. Feinstein (Cambridge: Cambridge University Press), pp. 30-9. 4. Solow, R. M [1970] 'On the Rate of Return: Reply to Pasinetti. Economic Journal, LXXX, pp.423-8._____________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. |
Solow I Robert M. Solow A Contribution to the Theory of Economic Growth Cambridge 1956 Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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> Counter arguments against Solow
> Counter arguments in relation to Measurements
