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Price Levels, Price Indices, and Fisher’s Equation of Exchange

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Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 140)

Abstract

Reviewing the axiomatic theories of the price index in the preceding chapters, one can easily lose sight of the basic problem of defining price indices which measure the price behavior of a basket of goods and services in a ‘reasonable’ way. In this context, ‘reasonable’ refers to the need for a quantiative measure which reflects price level changes of a certain market basket most accurately. After the detailed analysis of such yardsticks of price levels changes, we now turn to the concept of a price level itself.

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Copyright information

© Springer-Verlag Berlin · Heidelberg 1976

Authors and Affiliations

  1. 1.Institut für Wirtschaftstheorie und Operations ResearchUniversität KarlsruheKarlsruheDeutschland

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