Books > Business & Economics > Economics > Microeconomics
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Quality Measurement in Economics - New Perspectives on the Evolution of Goods and Services (Hardcover)
Loot Price: R3,378
Discovery Miles 33 780
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Quality Measurement in Economics - New Perspectives on the Evolution of Goods and Services (Hardcover)
Expected to ship within 12 - 17 working days
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Donate to Against Period Poverty
Total price: R3,398
Discovery Miles: 33 980
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The concept of quality measurement is revived and given new meaning
in this innovative new book. Steven Payson argues that quality
measurement is an important issue in the study of price indices and
in the additional areas of product innovation and evolutionary
change. The user-value definition of quality is forcefully defended
against the producer-cost definition, and a new method of
measurement is introduced - the representative good approach (RGA).
The RGA provides a new means for measuring quality over long
periods of time by examining historical documents. A discussion of
evolutionary change lays the groundwork for the identification of
two processes: quality improvement and cost reduction. Using data
from the Sears Catalog, quality improvement and cost reduction
rates are estimated for five goods between 1928 and 1993: shoes,
sofas, gas ranges, window fans and air conditioners, and cameras.
The results are dramatic, supporting ground-breaking hypotheses on
the determinants of quality improvement and cost reduction.
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