Conceptualisation in economics: How it has come to shape the main progress measures

Abstract

The acceptance of a particular theory impacts the type and directions of linkages between factors. Consequently, the importance of choosing a theory becomes crucial as it literally serves to shape the way one analyses the world. How then, does one go about choosing an appropriate theory to explain a given phenomenon? While most epistemic privilege is commonplace and uncontroversial, claims of epistemic privilege over contested topics such as the definition and measurement of progress are clearly not. In this sense, knowledge is recognised as being both partial and subjective. This raises another important issue. If different standpoints and assumptions allow a measure to see only certain things, then conversely these same standpoints and assumptions must hide other things. Thus, anyone undertaking a review of progress measurement should not only consider what the measure analyses, but more importantly, what it fails to analyse. This is what this paper intends to do since progress indicators act as a crucial guide for national policy decision-making.