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Monograph

Identifikator:: 1027869556

URN:: urn:nbn:de:zbw-retromon-48255

Document type:: Monograph

Author:: Gottl-Ottlilienfeld, Friedrich von http://d-nb.info/gnd/118809040

Title:: Wirtschaft als Leben

Place of publication:: Jena

Publisher:: Verlag von Gustav Fischer

Year of publication:: 1925

Scope:: 1 Online-Ressource (XXXII, 763 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Der Wertgedanke ein verhülltes Dogma der Nationalölonomie

Collection:: Economics Books

A MONEY fall need not be more than about 10 inches, and Jones finds it expedient to abandon the argument that nothing has been removed, and to find some other defence for his parent. Commodities and services are SO numerous in kind and the kinds shade into each other so gradually, that to take into account the price of all of them is much like taking into account the level of every part of a rough field, when smoothing it is not to be thought of. We cannot do it literally, and must be content with taking a sufficient number of measure- ments at points selected without bias. The ordinary person’s impression about a general change of prices fs much like Smith’s measurement of the level of his field “ by the eye”; itis likely that he will be able to recognize a large change of prices—probably anything over 25 per cent., just as Smith is likely to be able to detect a fall of 10 feet in the general level of his field. When the change is not great, he is just as likely as Jones to be misled by bias into denying its existence, and in all cases bias is likely to mislead him, as it led Smith, into very faulty estimates. To arrive at agreement it is neces- ary, as in the case of the disturbed field, to introduce statistical methods, and this is done by the construc- tion of what are called “ index numbers *’ of prices. The prices of a large number of commodities at some particular date, called for this purpose the “ base year ”’ or the * standard year,” are collected, and the prices of the same commodities at subsequent (or earlier) dates are represented as percentages of the prices of the base year. If beef cost 10d. per lb. in the base year and 13d. at some later date, it is put down at roo for the first and 130 for the second period, since if it takes 134. to buy what formerly could be got for 1od., it takes 130d. to buy what could formerly be got for 100. The prices of a

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