Source: Cobden Centre
by Keith Wilkinson
“The quantitative perspective used the mathematical precision expected in the natural sciences like physics and chemistry to model and predict the economy. The qualitative perspective viewed economics as no less rigorous, but restrained economic thought to a study of human behavior and markets. The quantitative shift has continued well into the 20th century with Keynesianism, neoclassical economics, and monetarism, and has spurred the development of a host of new economic statistics. One such statistic is the Consumer Price Index (CPI) and is an example of this methodological error that abandoned the qualitative methodology in favor of a quantitative approach.” (11/20/25)
https://www.cobdencentre.org/2025/11/the-cpi-as-evidence-of-methodological-error/