Prices, Price Indexes

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Prices, Price Indexes

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Prices, Price Indexes
by Annette Meyer

As important as price may be to each individual household in determining the amount and composition of its expenditure and saving, prices are the crucial element for maintaining financial stability for the nation as a whole, at least according to many national and global banks when they select inflation targeting or price stability as their primary monetary objective.

Price indexes used here and abroad for calculating Gross Domestic Product and its various components include measures such as GDP price deflators and consumer price indexes. Prices, Price Indexes discusses problems inherent in these indexes, as well as advantages of lesser-known but superior indexes, which may need to be applied not only to fiscal measures but also to money and credit aggregates.

About the Author

Being price-conscious for yourself and your family can be an admirable trait. However, it can sometimes leave you frustrated about having to settle for a lesser-quality product. Someday you may be able to buy the more expensive product, but not now.

Decision-makers in national governments are continually faced with these kinds of choices. It has been a source of concern and surprise to me that they frequently opt for the expensive project rather than the affordable one. However, I realize that it may be difficult for some decision-makers to recognize the origin of the funding.

I am currently Professor Emeritus of the College of New Jersey and former Adjunct Professor of Economics at Hunter College of CUNY.

(2010, paperback, 30 pages)
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