The Relation Between Kinds of Statistical Units and the Quality of Statistical Material

G. P. Watkins

The Quarterly Journal of Economics, 1912, vol. 26, issue 4, 673-702

Abstract: The word statistics may denote either the method or the material, 673 — The character of the material depends upon that of the unit, 674 — Classes of units, 675. — A. Individual things the quantity of which is determined by counting: (1) Natural kinds and events pertaining to natural kinds; (2) Produced kinds and produced qualities of things, 675. — B. Mensurational units which are applied to determine quantity without regard to individuality: (3) Physical measures (of length, capacity, etc.); (4) Measures of pecuniary value, 675. — (1) J. S. Mill's conception of the natural kind, 675. — Fulness of meaning follows from the definition, 676. — Recognizability apart from definition, 677. — Counting is the typical method of determining the quantity of units of the first order, 679. — (2) Products are usually defined by way of purpose and function, 680. — Difficulties of definition, 681. — Careful attention to classification required, 681. — (3) A measure is arbitrary and is useful chiefly because standard, 682. — Individuality is ignored, 683. — Desirability of counting by size-classes, 684. — Measurement is a supplement to, not properly a substitute for, counting, 684. — (4) The importance of the pecuniary unit is due to its being the most universal of common denominators, 690. — This involves abstractness, 691. — Lack of uniformity of accounting practice a large factor in uncertainty of meaning, 692. — Economic and pecuniary statistics are not identical, 696. — The purpose of index numbers, 696. — An important way to better statistical material is to make use of the higher orders of statistical unit, so far as possible, supporting in this way all data of lower order, 697. — The development of physical and operating statistics in support of financial reports of corporations, 698. — Physical valuation in the interest of the investor, 698. — Cost-keeping a similar statistical development, 700. — Pecuniary statistics especially need supporting data of higher order, 702.

Date: 1912
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