| Abstract: |
Measurement forms the substance of econometrics. This chapter outlines the
history of econometrics from a measurement perspective – how have measurement
errors been dealt with and how, from a methodological standpoint, did
econometrics evolve so as to represent theory more adequately in relation to
data? The evolution is organized in terms of four phases: ‘theory and
measurement’, ‘measurement and theory’, ‘measurement with theory’ and
‘measurement without theory’. The question of how measurement research has
helped in the advancement of knowledge advance is discussed in the light of
this history. |