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Aftershocks From A Revolution: Ordinal Utility And Cost-Of-Living Indexes

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  • STAPLEFORD, THOMAS A.

Abstract

This essay argues that beneath the superficial linearity of the history of neoclassical price index theory lie important conceptual ruptures that are linked to the ordinal revolution, including a radical transformation in the core objective for cost-of-living indexes. Revealing these ruptures produces a more accurate history of both the development of neoclassical price index theory and its reception. Furthermore, we can recognize how transformations in this theory have made cost-of-living indexes more coherent with existing traditions of empirical macroeconomics even as they may have reduced the indexes’ suitability for other functions, notably adjusting income payments.

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  • Stapleford, Thomas A., 2011. "Aftershocks From A Revolution: Ordinal Utility And Cost-Of-Living Indexes," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(2), pages 187-222, June.
    • Handle: RePEc:cup:jhisec:v:33:y:2011:i:02:p:187-222_00
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    Cited by:

    1. H. Spencer Banzhaf, 2020. "Panel Data Hedonics: Rosen'S First Stage As A “Sufficient Statistic”," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(2), pages 973-1000, May.

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