Roberts at Cafe Hayek had an intriguing (at least for us who are only marginally economically literate) piece on the limits of measurement, and the abuse of measurement, in economics. It's titled Fooling Ourselves. One quote:
...how many (other) studies can you think of where someone staked out a controversial position and convinced the skeptics based on empirical analysis? I think it can be done, but it's rare. And in today's world, most of the interesting empirical claims are being made in cases where the data are too incomplete and the issue is so complex that we can't move to a consensus. The empirical work doesn't improve our understanding of what's going on. It masks what's going on. It gives a patina of science when in effect the numbers aren't really informing the debate.
The whole short piece is here.
Indeed, the fact that something is measurable does not render it meaningful, and not everything that is meaningful is measurable.
Economics is, of course, a "social science" and not hard science. We recently posted Data Mining and Junk Science in which we discuss some of the limits and misuses of the harder sciences.
Scientists know that all data is provisional and deserves skepticism, that most theories have a finite life span, and that capital "T" Truth is more of a metaphysical or religious concept than it is the subject of math and science.
Photo: Those of us who are my age remember these nifty tools well. To the youngsters: that is a slide rule.