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The Theory of Index Numbers

In: Symmetry and Economic Invariance

Author

Listed:
  • Ryuzo Sato

    (New York University)

  • Rama V. Ramachandran

    (Pebble Brook Lane)

Abstract

The theory of index numbers has a long and distinguished history. The quantity theory of money asserts that the value of money, which in itself is a function of the general level of prices, varies with its supply. If the change in the money supply is followed by a proportionate change in all prices, then the measurement of the changes in the price level will not constitute any problem. Scholars like Edgeworth and Bowley were quick to recognize that the difficulties in quantifying fluctuations in purchasing power of money arose from the absence of such proportionality (Allen 1975, p. 2). As Frisch (1936, p. 1) noted:

Suggested Citation

  • Ryuzo Sato & Rama V. Ramachandran, 2014. "The Theory of Index Numbers," Advances in Japanese Business and Economics, in: Symmetry and Economic Invariance, edition 2, chapter 0, pages 73-85, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54430-2_6
    DOI: 10.1007/978-4-431-54430-2_6
    as

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