This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 12 No. 1 (Winter 1998)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues


Retrospectives: Price Indexes and General Exchange Values

Article Citation

Persky, Joseph. 1998. "Retrospectives: Price Indexes and General Exchange Values." Journal of Economic Perspectives, 12(1): 197-205.

DOI: 10.1257/jep.12.1.197

Abstract

The spreading use of indexes in the nineteenth century raised basic questions concerning the nature of absolute value in a neoclassical world of relative exchange values. Where Walsh held that the 'right' index for the general exchange value of money would identify true values, Jevons, Marshall, and especially Keynes were highly skeptical that such values could be defined without interpersonal comparisons of utility. Subsequent political debates over the use of indexation, especially those of World War II and the current period, have underlined the difficulty of identifying a true cost-of-living index applicable to all components of the population.

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Persky, Joseph (U IL, Chicago)

JEL Classifications

E31: Price Level; Inflation; Deflation
B22: History of Thought: Macroeconomics

Comments

View Comments on This Article (0) | Login to post a comment


Journal of Economic Perspectives


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEP - All Issues

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us