Quantitative Economics

Quantitative Economics

Quantitative Economics, that part of economics concerned with the collection and analysis of statistical information. It involves the examination of economic quantities, e.g. the level of output, employment, prices and interest. By using economic principles to interpret measurements of this kind, the economist can build up a picture of the working of an economy, assess the economic impact of changes in its structure and assist in forecasting probable developments. But the economist must also take account of the less measurable social and psychological forces. An assessment of the probable effects of a radical change in income tax, for example, would be incomplete without a study of its impact on incentives to work and invest, and hence on output. The development of national income statistics has run parallel with an increased emphasis on the quantitative analysis of economic aggregates or macro-economics. Some economists argue that this tendency has gone too far, and that micro-economics, the analysis of servictual responses to economic stimuli on the side of demand or of supply, remain fundamental because statistics cannot measure individual responses accurately and because some responses may take forms which, although important, are not measurable.

Site links Economic - Economic Questions


consumeraffairs.org.uk

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.