The Economic Theory of Price Indices
1st Edition
Two Essays on the Effects of Taste, Quality, and Technological Change
Secure Checkout
Personal information is secured with SSL technology.Free Shipping
Free global shippingNo minimum order.
Description
The Economic Theory of Price Indices: Two Essays on the Effects of Taste, Quality, and Technological Change is concerned with the effects of consumer taste, product quality, and technological change on price indices. Special attention is paid on technological change in the simple two-sector production model of Rybczynski and Uzawa. The effects of the general case of changing factor supplies and factor-augmenting change on the real national output deflator are also examined.
Comprised of two essays, this book begins with an analysis of the pure theory of the true cost-of-living index, which may be considered as an idealization of indices like the consumer price index and others of that type. The essay explores how the true cost-of-living index is affected by changes in consumer taste, quality changes in purchased goods, and the introduction of new goods into the market place. The second essay deals with the pure theory of the national output deflator and provides a foundation for the measurement of real national output (or product). It shows that the usual inequalities relating Paasche and Laspeyres to the true index are reversed (from what they are in cost-of-living theory) for the case of production. It also assesses the implications of changing production possibilities caused by technological change or a change in factor supplies.
This monograph will be a useful resource for mathematicians, economists, and others interested in economic theory and mathematical economics.
Table of Contents
Preface
Acknowledgments
Essay I Taste and Quality Change in the Pure Theory of the True Cost-of-Living Index
I. Introduction
II. The Theory of the True Cost-of-Living Index and Intertemporal Comparison of Welfare
III. Taste Change
IV. New Goods and Other Corner Solutions
V. Quality Change
Footnotes for Essay I
References for Essay I
Essay II The Pure Theory of the National Output Deflator
I. Introduction
II. Real Output Indices and Production Possibility Maps
III. Which Index Is Relevant?
IV. Paasche and Laspeyres Indices
V. Market Imperfections and Underutilized Resources
VI. The Indices: Formal Description
VII. Hicks-Neutral Technological Change
VIII. Changing Factor Supplies and Factor-Augmenting Technological Change: The Two-Sector Model
IX. Changing Factor Supplies and Factor-Augmenting Technological Change: The General Case
X. Factor-Augmenting Technological Change in a Single Sector of the Two-Sector Model
XI. General Technological Change
XII. New Goods, Disappearing Goods, and Corner Solutions
XIII. Quality Changes
Footnotes for Essay II
References for Essay II
Index
Details
- No. of pages:
- 134
- Language:
- English
- Copyright:
- © Academic Press 1972
- Published:
- 28th January 1972
- Imprint:
- Academic Press
- eBook ISBN:
- 9781483271156
About the Authors
Franklin M. Fisher
Karl Shell
Affiliations and Expertise
Cornell University
About the Editor
Karl Shell
Affiliations and Expertise
Cornell University
Ratings and Reviews
Request Quote
Tax Exemption
Elsevier.com visitor survey
We are always looking for ways to improve customer experience on Elsevier.com.
We would like to ask you for a moment of your time to fill in a short questionnaire, at the end of your visit.
If you decide to participate, a new browser tab will open so you can complete the survey after you have completed your visit to this website.
Thanks in advance for your time.