What determines weapon damage and crit stats? The physical characteristics of the weapon, or the way in which they're used? I'd imagine that the weight, blade, and attack style determine the amount of damage, while the technique determines the crit, but it's hard to say.
They take a die size, a crit range, make sure they're more or less equal, and then pick a name that's thematic.
Expecting real world weapon attributes to interact with D&D 3.x/PF rules is...nuts. :)
If you want plausibly realistic weapon damage and lethality, check out GURPS. Be warned - in GURPS, armor keeps you alive, it doesn't make you harder to hit. Getting hit by a sword without armor is generally "two hits and you're out of the fight" for an average human.
Pretty much what AdAstra says, but you can see some trends. Sword-like weapons tend to have a good damage die and a 19-20 crit range. Curved swords, like scimitars, falchions and elven curve blades, tend to have a slightly smaller damage die and an 18-20 crit range.
Axes have a good damage die and a x3 critical. Bludgeoning weapons, with the exception of the warhammer, have a good damage die and a x2 critical.
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Most of the damage is determined by tradition more then anything else. While weapon damage stats have changed from the original D&D, the changes haven't been severe.
As for the current stats, you would really have to ask the developers of the game for details, but you can see some trends.
Light weapons have a damage of 1D3 to 1d6
One Handed weapons have a damage of 1d4 to 1d8
Two Handed weapons go as high as 2d6
As for critical hits, slashing weapons tend to have a higher crit range, while piercing weapons tend to have higher crit multiplier. Bludgeoning weapons are in the middle, but are not always held to the 20/X2 standard.