Afterword to Part II

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 8 in Essays in Economic History, 2022, pp 149-153 from Springer

Abstract: Abstract The study of the absolute-relative purchasing-power-parity relationship did not give rise to scholarly reaction, and the law-of-one-price paper was essentially dismissed by one researcher without evidence. In contrast, my article on the national price level was zealously attacked by two economists with specialized knowledge of the topic. Some of their criticisms are justified, and others require empirical evidence to judge our contrary viewpoints. However, much of their fault-finding exhibits a non-acceptance of the foundation of the paper, namely to adopt the assumptions of conventional theory of the national price level and ride the implications to their theoretical and empirical end-points.

Keywords: Purchasing power parity; Absolute PPP; Relative PPP; Cassel; Law of one price; National price level; Tradables; Nontradables (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-95925-8_8

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DOI: 10.1007/978-3-030-95925-8_8

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