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Introduction

In: Index Numbers

Author

Listed:
  • E. A. Selvanathan

    (Griffith University)

  • D. S. Prasada Rao

    (University of New England)

Abstract

Index number is an abstract concept which is generally used to measure the change in a set of related variables over time or to compare general levels in these variables across countries or regions. The basic concept of index number is used in many disciplines, but it appears to have earned special significance in the discipline of economics. Index numbers are useful instruments in any economist’s tool kit as they can be used to show the changes/movements in any variable of interest in a simple and easily understandable manner. The consumer price index (CPI), which measures the changes in prices of a range of consumer goods and services, is the most widely used economic indicator in any country. Other important index numbers include the financial indices such as the Dow Jones and Nikkei indices of stock market prices; price deflators for various national income aggregates; purchasing power parities of currencies; index of joint factor productivity; and indices of import and export prices and of competitiveness.

Suggested Citation

  • E. A. Selvanathan & D. S. Prasada Rao, 1994. "Introduction," Palgrave Macmillan Books, in: Index Numbers, chapter 0, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23594-0_1
    DOI: 10.1007/978-1-349-23594-0_1
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