Boek
The price index a pervasive long established institution for economics isa number issued by the Statistical Office that should tell anyone the ratio ofcosts of maintaining a given standard of living in two periods where pricesdiffer.For a chain of three periods the product of the ratios for successive pairsmust coincide with the ratio for the endpoints. This is the chain consistencyrequired of price indices. A usual supposition is that the index is determinedby a formula involving price and quantity data for the two reference periodsalways joined with the question of which one to choose and the perplexity thatchain consistency is not obtained with any. Hence finally they should all beabandoned. This situation reflects The Index Number Problem. This book bringstogether a coherent discussion of fifty years of astonishingly creative work onthis subject. «
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