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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:
  • Valentin Zelenyuk

    (School of Economics and Centre for Efficiency and Productivity Analysis (CEPA) at The University of Queensland, Australia)

  • Erwin Diewert

    (University of British Columbia & University of New South Wales)

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

  • Valentin Zelenyuk & Erwin Diewert, 2023. "On the Problem of the Purchasing Power of Money by A. A. Konüs and S. S. Byushgens: Translation and Commentary," CEPA Working Papers Series WP072023, School of Economics, University of Queensland, Australia.
    • Handle: RePEc:qld:uqcepa:189
    as

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    File URL: https://economics.uq.edu.au/files/46523/WP072023.pdf
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    References listed on IDEAS

    as
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    4. 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.
    5. Diewert, W. E. & Wales, T. J., 1988. "A normalized quadratic semiflexible functional form," Journal of Econometrics, Elsevier, vol. 37(3), pages 327-342, March.
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    Keywords

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    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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