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Introduction to Economic Statistics

Introduction to Economic Statistics


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...be determined with very great accursicy. But from the point of view of the "theory of errors, '/ it should be the average price during the whole interval of time which is covered by the series of quantity indexes dependent upon it. It follows, therefore, that in periods of rapidly changing prices, somewhat different comparative results may be obtained by varying the interval of time over which the comparisons are made. This may seem anomalous, but it arises inevitably from the fact that the concept of aggregate quantity requires a unit dependent upon value; namely, a dollar's worth. Since value is unstable, the unit of quantity is also unstable. In practice, however, this instability is usually insignificant. 1 It can be shown, as follows, that the product of price and quantity can properly be taken as physical units: Let p = price per pound in dollars and n = number of pounds in a given output. Then 1/p = number of pounds purchasable for one dollar (the new physical unit). and n-=-1/p = np, the number of new physical units in the output. The application of the foregoing principles to the data of Table XIV requires the finding of a standard price for each of the commodities tabulated. As a base for this price, a period of about twenty years prior to the war has been chosen, the purpose being to exclude war prices as extreme, and to emphasize the later rather than the earlier part of the half century studied.1 The averages have been taken approximately, and have been slightly modified by the use of data not here cited. They are as follows: 1 Because of the shifting of relative prices, it might be theoretically preferable to subdivide the half century under consideration into at least three different periods (e. g., 1870-1896, 1896-1914, and 19141920), an...


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Product Details
  • ISBN-13: 9781152524699
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 36
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 1152524690
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 82 gr


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