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On the problem of the purchasing power of money by A. A. Konüs and S. S. Byushgens: translation and commentary

Author

Listed:
  • Erwin Diewert

    (University of British Columbia
    University of New South Wales)

  • Valentin Zelenyuk

    (School of Economics at The University of Queensland)

Abstract

In 1939, Econometrica published an English translation of Konüs (1924). Since then, Konüs (1924 [1939]) has become a classic work on the theory of the cost of living index, inspiring many other studies in the field. On the other hand, very few scholars have had the opportunity to read another, equally important, work by Konüs (co-authored with Byushgens) published in 1926 by the same Institute. This other paper of Konüs also pioneered several fundamental concepts and results in economics (including duality theory, the theory of inverse demand functions and the theory of exact index numbers), yet somehow it appears that it has never been translated into English (or any other language). We bridge this gap by offering a translation and a commentary on this important paper.

Suggested Citation

  • Erwin Diewert & Valentin Zelenyuk, 2025. "On the problem of the purchasing power of money by A. A. Konüs and S. S. Byushgens: translation and commentary," Journal of Productivity Analysis, Springer, vol. 63(2), pages 107-132, April.
    • Handle: RePEc:kap:jproda:v:63:y:2025:i:2:d:10.1007_s11123-023-00696-x
    DOI: 10.1007/s11123-023-00696-x
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    References listed on IDEAS

    as
    1. W. Erwin Diewert, 2022. "Scanner Data, Elementary Price Indexes and the Chain Drift Problem," Springer Books, in: Duangkamon Chotikapanich & Alicia N. Rambaldi & Nicholas Rohde (ed.), Advances in Economic Measurement, chapter 0, pages 445-606, Springer.
    2. Paul A. Samuelson, 1953. "Prices of Factors and Goods in General Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 21(1), pages 1-20.
    3. Diewert, Walter E & Wales, Terence J, 1987. "Flexible Functional Forms and Global Curvature Conditions," Econometrica, Econometric Society, vol. 55(1), pages 43-68, January.
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    6. Diewert, Erwin & Marandola, Tina, 2018. "Scanner Data, Elementary Price Indexes and the Chain Drift Problem," Microeconomics.ca working papers tina_marandola-2018-9, Vancouver School of Economics, revised 10 Oct 2018.
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    9. William A. Barnett & Douglas Fisher & Apostolos Serletis, 2006. "Consumer Theory and the Demand for Money," World Scientific Book Chapters, in: Money And The Economy, chapter 1, pages 3-43, World Scientific Publishing Co. Pte. Ltd..
    10. N. D. Kondratieff, 1925. "The Conjuncture Institute at Moscow," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 39(2), pages 320-324.
    11. Diewert, Erwin & Feenstra, Robert, 2019. "Estimating the Benefits of New Products: Some Approximations," Microeconomics.ca working papers erwin_diewert-2019-3, Vancouver School of Economics, revised 13 Mar 2019.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Price index; Inflation measurement; Purchasing power of money;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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