Science is measurement: muons, money and the Nobel Prize

Jeffrey David Turk

International Journal of Pluralism and Economics Education, 2011, vol. 2, issue 3, 291-305

Abstract: This article investigates the difference in measurement methods between contemporary particle physics and economics. The book Measurement in Economics: A Handbook, (Boumans, 2007), is used to present the current state of measurement technique in economics. These views are compared with the measurement of the anomalous magnetic moment of the muon. Particle physics is realist in measurement while economics is not. The reality check on theory that measurement provides in particle physics is conspicuously absent in economics. However, the nature of the social world precludes the use of the same measurement approach.

Keywords: realism; measurement methods; systematic uncertainty; particle physics; economic methodology; muons; anomalous magnetic moment; Marcel Boumans; Nobel Prize; science; money; pluralism; economics. (search for similar items in EconPapers)
Date: 2011
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