There is no book currently available that gives a comprehensive
treatment of the design, construction, and use of index numbers.
However, there is a pressing need for one in view of the increasing
and more sophisticated employment of index numbers in the whole
range of applied economics and specifically in discussions of
macroeconomic policy. In this book, R. G. D. Allen meets this need
in simple and consistent terms and with comprehensive coverage.
The text begins with an elementary survey of the index-number
problem before turning to more detailed treatments of the theory
and practice of index numbers. The binary case in which one time
period is compared with another is first developed and illustrated
with numerous examples. This is to prepare the ground for the
central part of the text on runs of index numbers. Particular
attention is paid both to fixed-weighted and to chain forms as used
in a wide range of published index numbers taken mainly from
British official sources.
This work deals with some further problems in the construction
of index numbers, problems which are both troublesome and largely
unresolved. These include the use of sampling techniques in
index-number design and the theoretical and practical treatment of
quality changes. It is also devoted to a number of detailed and
specific applications of index-number techniques to problems
ranging from national-income accounting, through the measurement of
inequality of incomes and international comparisons of real
incomes, to the use of index numbers of stock-market prices. Aimed
primarily at students of economics, whatever their age and range of
interests, this work will also be of use to those who handle index
numbers professionally. "R. G. D. Allen" (1906-1983) was Professor
Emeritus at the University of London. He was also once president of
the Royal Statistical Society and Treasurer of the British Academy
where he was a fellow. He is the author of "Basic Mathematics,"
"Mathematical Analysis for Economists," "Mathematical Economics"
and "Macroeconomic Theory."
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