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'''Qualitative economics''' refers to representation and analysis of information about the direction of change (+, -, or 0) in some economic variable(s) as related to change of some other economic variable(s).  For the non-zero case, what makes the change  ''qualitative'' is that its direction but not its magnitude is specified.<ref name="Quirk1987">James Quirk, 1987. "qualitative economics," ''The [[New Palgrave: A Dictionary of Economics]]'', v. 4, p. 1.</ref>
 
Typical exercises of qualitative economics include [[Comparative statics|comparative-static]] changes studied in [[microeconomics]] or [[macroeconomics]] and comparative equilibrium-growth states in a [[Exogenous growth model|macroeconomic growth model]].  A simple example illustrating qualitative change is from macroeconomics.  Let:
:''GDP'' = nominal [[gross domestic product]], a measure of [[national income]]
: ''M'' = [[money supply#Scope|money supply]]
:''T'' = [[Macroeconomic policy instruments#Fiscal policy|total taxes]].
[[quantity theory of money|Monetary theory]] hypothesizes a [[Direct relationship|positive relationship]] between ''GDP'' the [[dependent variable]] and ''M'' the [[independent variable]]. Equivalent ways to represent such a '''qualitative relationship''' between them are as a signed functional relationship and as a signed [[derivative]]:
::::::        <math>+  \,\! </math>
: <math> GDP = f(M) \,\! </math>  <math> or \,\! </math> <math>\frac{ df(M) }{ dM} > 0.</math>
where the '+' indexes a positive relationship of ''GDP'' to ''M'', that is, as ''M'' increases, ''GDP'' increases, and vice versa.
 
Another [[Model (economics)|model]] of GDP hypothesizes that ''GDP'' has a [[inverse relationship|negative relationship]] to ''T''. This  can be represented similarly to the above, with a theoretically appropriate sign change as indicated:
::::::<math> -  \,\! </math>
: <math> GDP = f(T) \,\! </math>  <math> or \,\! </math> <math>\frac{ df(T)}{ dT} < 0.</math>
That is, as ''T'' increases, ''GDP'' decreases, and vice versa.
A combined model uses both ''M'' and ''T'' as independent variables.  The hypothesized relationships can be equivalently represented as signed functional relationships and signed [[partial derivative]]s (suitable for more than one independent variable): 
::::::        <math>+  \,\! </math>    <math>        - \,\! </math>       
:<math> GDP = f(M, T) \,\! </math>  <math> or \,\! </math> <math>\frac{\partial f(M, T)}{\partial M} > 0,</math> <math>\frac{\partial f(M, T)}{\partial T} < 0.</math>
 
Qualitative hypotheses occur in earliest history of formal economics but only as to formal economic models from the late 1930s with Hicks's model of [[general equilibrium]] in a competitive economy.<ref>[[J. R. Hicks]], 1939. ''[[Value and Capital]]''. Oxford.</ref> A classic exposition of qualitative economics is Samuelson, 1947.<ref>[[Paul A. Samuelson]], 1947. ''[[Foundations of Economic Analysis]]'', pp. 5, 21-29.</ref> There Samuelson identifies qualitative restrictions and the hypotheses of [[Maxima and minima|maximization]] and stability of [[Economic equilibrium|equilibrium]] as the three fundamental sources of ''meaningful'' theorems — hypotheses about empirical data that could conceivably be refuted by empirical data.<ref name="Quirk1987"/> 
==Notes==
{{Reflist}}
 
==References==
* [[J. R. Hicks]], 1939. ''[[Value and Capital]]''. Oxford.
* [[Kelvin Lancaster]], 1962. "The Scope of Qualitative Economics," ''Review of Economic Studies'', 29(2),  p[http://www.jstor.org/pss/2295817 p. 99]-123.
**W.M. Gorman, 1964. "More Scope for Qualitative Economics," ''Review of Economic Studies'', 31(1)  p[http://www.jstor.org/pss/2295936 p. 65]-68. 
* James Quirk, 1987. "qualitative economics," ''The [[New Palgrave: A Dictionary of Economics]]'', v. 4, pp. 1-3.
* _____ and Richard Ruppert, 1965. "Qualitative Economics and the Stability of Equilibrium," ''Review of Economic Studies'', 32(4), p[http://www.jstor.org/pss/2295838 p. 311]-326.
* [[Paul A. Samuelson]], 1947. ''[[Foundations of Economic Analysis]]'', Harvard University Press. ISBN 0-674-31301-1
 
[[Category:Mathematical economics]]
[[Category:Mathematical and quantitative methods (economics)]]

Latest revision as of 09:33, 8 December 2012

Qualitative economics refers to representation and analysis of information about the direction of change (+, -, or 0) in some economic variable(s) as related to change of some other economic variable(s). For the non-zero case, what makes the change qualitative is that its direction but not its magnitude is specified.[1]

Typical exercises of qualitative economics include comparative-static changes studied in microeconomics or macroeconomics and comparative equilibrium-growth states in a macroeconomic growth model. A simple example illustrating qualitative change is from macroeconomics. Let:

GDP = nominal gross domestic product, a measure of national income
M = money supply
T = total taxes.

Monetary theory hypothesizes a positive relationship between GDP the dependent variable and M the independent variable. Equivalent ways to represent such a qualitative relationship between them are as a signed functional relationship and as a signed derivative:

+
GDP=f(M) or df(M)dM>0.

where the '+' indexes a positive relationship of GDP to M, that is, as M increases, GDP increases, and vice versa.

Another model of GDP hypothesizes that GDP has a negative relationship to T. This can be represented similarly to the above, with a theoretically appropriate sign change as indicated:

GDP=f(T) or df(T)dT<0.

That is, as T increases, GDP decreases, and vice versa. A combined model uses both M and T as independent variables. The hypothesized relationships can be equivalently represented as signed functional relationships and signed partial derivatives (suitable for more than one independent variable):

+
GDP=f(M,T) or f(M,T)M>0, f(M,T)T<0.

Qualitative hypotheses occur in earliest history of formal economics but only as to formal economic models from the late 1930s with Hicks's model of general equilibrium in a competitive economy.[2] A classic exposition of qualitative economics is Samuelson, 1947.[3] There Samuelson identifies qualitative restrictions and the hypotheses of maximization and stability of equilibrium as the three fundamental sources of meaningful theorems — hypotheses about empirical data that could conceivably be refuted by empirical data.[1]

Notes

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References

  1. 1.0 1.1 James Quirk, 1987. "qualitative economics," The New Palgrave: A Dictionary of Economics, v. 4, p. 1.
  2. J. R. Hicks, 1939. Value and Capital. Oxford.
  3. Paul A. Samuelson, 1947. Foundations of Economic Analysis, pp. 5, 21-29.