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The Evolution of Measurement Standards

Swee-Hoon Chuah () and Robert Hoffmann ()

Occasional Papers from Nottingham University Business School

Abstract: Measurement activities are central to virtually all technical activities including engineering, construction and scientific research. In addition, the standardisation of measurement can generate considerable economies in production and exchange interactions between economic agents. This paper discusses the evolution of measurement standards from the perspective of both evolutionary game theory and transaction costs economics. The paper identifies the factors which influence the contribution that measurement standardisation can make to economic welfare.

Keywords: Measurement; metrology; mensuration; path dependence; lock-in; conventions; standardisation (search for similar items in EconPapers)
JEL-codes: C72 D23 N70 O33 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2004
New Economics Papers: this item is included in nep-cbe and nep-mic
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