Abstract

The Representational Theory of Measurement conceives measurement as establishing homomorphisms from empirical relational structures into numerical relation structures, called models. Models function as measuring instruments by transferring observations of an economic system into quantitative facts about that system. These facts are evaluated by their accuracy. Accuracy is achieved by calibration. For calibration standards are needed. Then two strategies can be distinguished. One aims at estimating the invariant (structural) equations of the system. The other is to use known stable facts about the system to adjust the model parameters. For this latter strategy, the requirement of models as homomorphic mappings is not required anymore.