The Making of Index Numbers A Study of Their Varieties, Tests, and Reliability Classic Reprint

Excerpt from The Making of Index Numbers: A Study of Their Varieties, Tests, and Reliability

In order to help resolve the questions remaining at issue, a large number of calculations have been made for this book in addition to the large number which had already been made. Any one who has not himself attempted a like task can scarcely realize the amount of time, labor, and expense involved. Some of the work must have been abandoned had not the Pollak Foundation for Economic Research come to the rescue.

The result has been a much more complete survey of possible formula than any hitherto attempted. Although, in a subject like this, absolute completeness is out of the question, since the number of possible formula is infinite, nevertheless, the whole field has been so mapped out as to leave no large gaps. The aim has been to settle decisively, if possible, the questions of how widely the various results reached by different possible methods diverge from each other, and why. Each of more than a hundred formula has been examined and calculated in four series. Each of these series has its mile to play in this study, even formula which are found, in the end, to have no practical use.

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