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The General Price Level and the External Trading Gain. ESRI Memorandum Series No. 36 1966(?)

Geary, R.C. (1966) The General Price Level and the External Trading Gain. ESRI Memorandum Series No. 36 1966(?). [Policy Paper]

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    The well-known national accounting identity income=product in current price terms has the advantage that the terms "income" and "product" are indistinguishable and may be used interchangably. This is not necessarily, or even generally, the case when accounting entities are expressed at constant prices. It is necessary to have regard to some aspects of the controversial problem of accounting at constant prices because at the macro, as at the micro, level, prices and quanta are so intimately related that no price index has any objective meaning unless it can be envisaged as the deflator of a current flow. This near truism does not, unfortunately, solve the methodological problem of making price or volume index numbers: in the identity PQ = V we know only V, except in the case of single, well-defined products. To a certain extent, however, the flow concept does help conceptually in defining price index numbers.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Countries > Ireland
    EU policies and themes > Policies & related activities > economic and financial affairs > general
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Memorandum Series
    Depositing User: Alyssa McDonald
    Official EU Document: No
    Language: English
    Date Deposited: 14 Jul 2017 18:54
    Number of Pages: 19
    Last Modified: 14 Feb 2018 10:00

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