Drobisch’s Legacy to Price Statistics
AbstractThis paper attempts to establish a greater awareness among researchers for the noteworthy contributions to price index theorymade by Moritz Wilhelm Drobisch (1802-1896), a German mathematician and philosopher at the Universitaet Leipzig. Few economists and statisticians are aware of the fact that neither E´ tienne Laspeyres nor Hermann Paasche originally devised the well-known price indices that presently carry their names. Moritz Wilhelm Drobisch was the first to publish them in 1871 in a treatise and, shortly thereafter, in an abridged version that appeared in this very journal. He rejected them, however, because in his view they were inappropriate measures of inflation. Instead, he devised the unit value index, which he regarded as superior to all other price index formulas. This paper contains a description of his pioneering scientific achievements together with a synopsis of his personal and professional life. Its purpose is to give credit where credit is due, but more importantly, it attempts to recognize these seminal contributions in light of the factors that have tarnished them in the recorded annals of price index history. It attempts to put them into their proper perspective.
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Bibliographic InfoArticle provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.
Volume (Year): 230 (2010)
Issue (Month): 6 (December)
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Price; inflation; index theory; measurement;
Find related papers by JEL classification:
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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