Showing papers on "Consumer price index published in 1969"
TL;DR: Examines the implication of high price and production of medical services in the United States and the importance of population health level in obtaining price index.
Abstract: The increase in the price of medical services over the last few decades measured in the Consumer Price Index (CPI) has exceeded the total for all other items. The clear implication is that not only have medical services become relatively more expensive but also that the production of these services is subject to a smaller productivity advance than are products and services in the rest of the economy. Table 1 summarizes the relevant figures. It is the argument of this paper that these figures are a poor reflection of productivity change and that in fact the rate of increase of productivity in the medical services has exceeded somewhat the overall productivity increase in the rest of the economy. The CPI (U.S. Department of Labor, relevant issues) attempts to provide a measure of the income compensation required to maintain the consumer at a given utility level. It seems clear that the commodities and services constituting the base for the index should be arguments in the consumer's utility function.
11 citations
TL;DR: In this paper, a fair agreement among scholars familiar with the economy of the Peoples' Republic of China (China) that there is stability in the retail price index has been established, and it is admitted that this index is biased downward because there were years of high black-market prices.
Abstract: T HERE is fair agreement among scholars familiar with the economy of the Peoples' Republic of China (China) that there is stability in the retail price index. It is admitted that this index is biased downward because there were years of high black-market prices. However, they say that such issues are not central because (1) the basic necessities were available and rationed at stable prices; (2) the index is biased downward when prices are rising, and biased upward when prices are falling.' The contention of these scholars is both serious and important. It makes a very major difference how we look at the performance of the Chinese economy. Below in table 11 the price indices are presented which represent Chinese official claims. Perkins has attempted to verify the weighting system of the retail price index by reconstructing the index, and he states:
2 citations
2 citations