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On the Problem of the Purchasing Power of Money by A. A. Konüs and S. S. Byushgens: Translation and Commentary

Valentin Zelenyuk and Erwin Diewert
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Erwin Diewert: University of British Columbia & University of New South Wales

No WP072023, CEPA Working Papers Series from University of Queensland, School of Economics

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.

Keywords: Price Index; Inflation measurement; Purchasing Power of Money (search for similar items in EconPapers)
JEL-codes: C43 E30 (search for similar items in EconPapers)
Date: 2023-01
New Economics Papers: this item is included in nep-eff, nep-his, nep-hpe and nep-mon
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