. USD 84.99 Instant download; Readable on all devices; Own it forever; Local sales tax included if applicable; Buy Physical Book Learn about institutional subscriptions. In K.J. An index number is an economic data figure reflecting price or quantity compared with a standard or base value. As women post their #nobraclub selfies on Instagram, the social media platform has also become the site where the corset is enjoying something of a Renaissance. Firstpost - All Rights Reserved. Theory and Statistical Index Numbers Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith T he aggregate quantities of monetary assets held by consumers, firms, and other economic decisionmakers play important roles in macroeconomics. Technical change and the aggregte production function. Index numbers are relative measurement of group of data. The quantity theory of money asserts that the value of money, which in itself is a function of the general level of prices, varies with its supply. Paul Samuelson and S Swamy. (1967). His thesis adviser was Nobel Laureate Simon Kuznets! The theory of index numbers has a long and distinguished history. But, the master-stroke came a bit later, on Friday, when Swamy tweeted this. Clapham, J.H. XVI. In A. Ingham, & A.M. Ulph (Eds.). Empty economic boxes: a reply. Chapters Table of contents (7 chapters) About About this book; Table of contents . Basic Index Number Theory 371 approaches are also possible. (1978). (1958). Samuelson and S. Swamy (1974, pp. Houthakker, H.S. Duality and the structure of utility preferences. Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis. “Cannot make sense of this!,” said an economist with a leading research house. Arnord, K.J. 10. If I apply Samuelson-Swamy Theory of Index Numbers to India's GDP calculation or RBI interests rates, media will scream anti party activity! … In J. Eatwell, M. Milgate, & P. Neuman (Eds.). (1981). He has jointly authored papers with another Nobel Laureate Paul A Samuelson on theory of index Numbers. Houthakker, H.S. Earlier, Swamy also suggested abolishing income tax to improve growth. Roman Numerals; Other Pages. Nakamura (Editors) c 1993 Elsevier Science Publishers B.V. All rights reserved. Subramanian Swamy also claimed that India’s growth rate is much lower than what is being presented. Binary Digits; Binary Number System; Binary Fingers; Hexadecimal. Harping on the invaluable and precocious nature of the Samuelson-Swamy Theory of Index Numbers, Mr. Swamy also makes it known in no uncertain terms that the economic reforms and liberalization which were promulgated by the Narasimha Rao Government originally stemmed from a reform paper conceived by him when he was a Cabinet Minister in the Chandrashekar Government. The base usually equals 100 and the index number is usually expressed as 100 times the ratio to the base value. Duality approaches to microeconomic theory. A Theory of Typed Coercions and its Applications Nikhil Swamy Microsoft Research, USA nswamy@microsoft.com Michael Hicks University of Maryland, College Park mwh@cs.umd.edu Gavin M. Bierman Microsoft Research Cambridge, UK gmb@microsoft.com Abstract A number of important program rewriting scenarios can be recast as type-directed coercion insertion. But, his predictions on banking crisis and his indirect questioning of GDP numbers makes one wonder who is up against next? Joshi, Subramanian Swamy prepared and presented a Swadeshi Plan. Everyone expected Swamy to counter Modi’s criticism, just like he did against Jaitley, through his 2.8 million strong twitter empire but the giant slayer just went sober. Sans specific brief, he is one component of an atypical system of checks and balances that is … (1913). Zellner, A., & Revanker, N.S. The quantity theory of money asserts that the value of money, which in itself is a function of the general level of prices, varies with its supply. After the RBI financial stability report came out, quoting financial dailies, Swamy said, his prediction about a banking/financial crisis is imminent. Swamy is the author of several books, research papers and journals. Generalized production functions. 1010. Samuelson, P.A. Desirable properties for an index of many items have been postulated by Irving Sraffa, P. (1926). index number theory leads to a price index advocated by Walsh (1901) (1921a). and index with only two periods, to which index number theory can be applied, and the alternative decompositions are defined and named after the corresponding indices in the standard (“ratio”) 3 The Eurosystem is the monetary authority of the Eurozone. Symbolically, the circular test may be written as P01 .P12 . 3 (July, 1965) CONSISTENCY OF FISHER'S TESTS BY SUBRAMANIAN SWAMY' The unsatisfactory state of index number theory is demonstrated in this paper by F87A. and Swamy, S. (1974) Invariant Economic Index Numbers and Canonical Duality Survey and Synthesis. (1987). Econometrica, Vol. (1922a). Intriligator (Eds.). It is necessary that people are made aware of the vaccine through an authentic and authorised channel. The paper was published in 1974. It is an extension of the time reversal test. Sato, R. (1974). Born in Mylapore, Chennai on September 15, 1939, Dr. Swamy holds a Ph.D. in Economics from Harvard University, where he also taught for ten years, and has published famous joint papers on the Theory of Index Numbers with Nobel Laureate Paul A. Samuelson. In 1964,he earned a doctorate in Economics from Harvard, after having worked with Nobel Laureate Simon Kuznets. (1961). e24 16. Samuelson, P.A. Malmquist input, output, and productivity comparisons are defined for structures of production with … the PPPs at the basic heading level (see Hill (1997) for a survey, also Diewert (1981) and (1987) and Balk (2009)). Simple Aggregative Method: In this method, the index number is equal to the sum of prices for the year for which index number is to be found divided by the sum of actual prices for the base year. July 01, 2016 17:55:36 IST. BJP government considers the high GDP number as an achievement despite widespread criticism from economists in India and abroad against the accuracy of the number. Number Theory is (of course) primarily the Theory of Numbers: ordinary whole numbers (integers). (1987). The true index. But, economists said they do not have much clue on what Swamy meant by his tweet. Part of Springer Nature. (1969). Invariance axioms and economic indexes. Mathematically, it consists in reducing the relative change of the elements of a ... Further references to the current state of the theory and applications of index numbers can Don't show me this again. Pigou, A.C. (1922). Production or demand models with direct or indirect implicit addictivity. In aggregate methods, the aggregate price of all items in a … Robertson, D.H. (1924). Homothetic and non-homothetic CES functions. Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis By P. A. SAMUELSON AND S. SWAMY* Index numbers of prices and quantities, an invention of the last century, are impor-tant for macro-economic description and for sliding-scale wage and other contracts. Sign up for a weekly curated briefing of the most important strategic affairs stories from across the world. — Subramanian Swamy (@Swamy39) July 1, 2016. The chain system2 measures the change in prices going from one period to a subsequent … In other words, these can be defined as ezaet for particular … One such tweet, seen as a swipe at Finance Minister Arun Jaitley, said: “If I apply Samuelson-Swamy Theory of Index Numbers to India’s GDP calculation or RBI interests rates, media will scream anti party activity!”. index numbers. Historically, pandemics have forced humans to do things differently from the past and have created momentum for change. An index starts in a given year, the base year, at an index number of 100. P.A. Is Swamy digging his own grave in BJP? Clapham, J.H. Introduction to index number: An index number is a statistical device for measuring changes in the magnitude of a group of related variables. Samuelson, P.A. In. This process is experimental and the keywords may be updated as the learning algorithm improves. Harping on the invaluable and precocious nature of the Samuelson-Swamy Theory of Index Numbers, Mr. Swamy also makes it known in no uncertain terms that the economic reforms and liberalization which were promulgated by the Narasimha Rao Government originally stemmed from a reform paper conceived by him when he was a Cabinet Minister in the Chandrashekar Government. Swamy then began to focus on India’s economy. However, other fixed basket approaches are also possible. 64, issue 4, 566-93 Date: 1974 References: Add references at CitEc Citations: View citations in EconPapers (97) Track citations by … The base usually equals 100 and the index number is usually expressed as 100 times the ratio to the base value. (1957). Diewert, W.E. The invariance principle and income-wealth conservation laws. On the welfare significance of national product in a dynamic economy. RECENT DEVELOPMENTS IN INDEX NUMBER THEORY There has been a recent resurgence of interest in index number theory following a number of important articles and books which appeared in the early 1970s: for example, Griliches ( 197 11, Pollak 197 11, Christensen, Jorgenson and Lau (1 97 11, Fisher and Shell ( 19721, and Samuelson and Swamy ( 1974). P. A. Samuelson and S. Swamy (1974): Invariant Economic Index Numbers and Canonical Duality: Survey and Synthesis, American Economic Review64, pp. Samuelson and S. Swamy (1974, pp. The value index number is not a very popular statistical tool. (1967). As an Indian we are proud of a great Politician, great Economist and a good lawyer like Dr Swamy . 102 Citations; 73 Downloads; Log in to check access. Copyright © 2020. Law of conservation of capital-output ratio in closed von Neumann systems. The invariance principle and income-wealth conservation laws. Completed his PhD in only two and half years from Harvard (was only 24 at that time). 566–593. the multilateral index number approach and the econometric (or economic) approach. ECON 5415 Index Number Theory Reading List September 19, 2019 Contents 1 General References1 2 Introduction and Historical Notes2 3 Review of Mathematical Tools and Economic Theory2 ... Swamy,Subramanian (1965) \Consistency of Fisher’s Test," Econometrica, 33(3), 619{623. If the change in the money supply is followed by a proportionate change in all prices, then the measurement of the changes in the price level will not constitute any problem. The laws of return under competitive conditions. However, index number expertise is also relevant to quantity indices, such as the Retail Sales Index, Index of Production, Index of Services and other quantity indices used in, or produced for, national accounts. In J. Eatwell, M. Milgate, & P. Newman (Eds.). (1950). Especially, PM Modi, has taken pride in the fact that India’s GDP growth at 7.6 percent is the fastest in the world even beating China. (1938). Quantity Index Numbers: These types of index numbers are considered to measure changes in the physical quantity of goods produced, consumed or sold of an item or a group of items. The economic boxes: a rejoinder. A note on self-dual preferences. Feiwel (Ed.). (1965). CiteScore: 1.3 ℹ CiteScore: 2019: 1.3 CiteScore measures the average citations received per peer-reviewed document published in this title. Afriat, S.N. 15. Arrow, & M.D. Richter, M.K. Swamy versus Modi: If I apply Samuelson-Swamy Theory of Index Numbers to India's GDP calculation or RBI interests rates, media will scream anti party activity, he said. In R. Sato, & R. Ramachandran. In K. Shell (Ed.). The economic theory of index numbers: a survey. (1962). Economic problems in measuring changes in productivity. 138.201.225.66. Methods of constructing index numbers: There are two methods to construct index numbers: Price relative and aggregate methods (Srivastava, 1989). In Determining the Foreign … Sato, R. (1990). As Frisch (1936, p. 1) noted: Over 10 million scientific documents at your fingertips. In A. Deaton (Ed.). 288 Essays in Index Number Theory 11. However, other fixed-basket . Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison. However, percentage sign (%) is never used. Rawls’ principle of just saving. Index number theory provides the basis for the index numbers published by nearly every governmental agency in the world (other than the central banks). (1922b). This is known as the circular test. INDEX NUMBER THEORY AND MEASUREMENT ECONOMICS By W.E. Kemp, M.C., & Long, N.V. (1982). This is evident especially after the Arnab Goswami-Narendra Modi interview, where the PM ticked off Swamy saying RBI governor, Raghuram Rajan is no less patriotic than anyone and no one isn’t above the system. Swamy’s recent tweets, which are now nation’s attention, have an implicit suggestion that the wrath of the 76-year old firebrand politician is falling on the high power centers in BJP beyond Jaitley. Only Swamy knows what exactly he meant by this and how this is relevant to his current political situation. Instead, Swamy went on a philosophical note. Daring act during the Emergency Days. Tullberg (Ed.). The point here is not really whether Samuelson-Swamy theory, when applied, topples the GDP numbers or not. (1973). By comparing the index numbers of these magnitudes for different periods, the government can know the present trend of economic activity and accordingly adopt price policy, foreign trade policy and general economic policies. On 29 June, Swamy shot a tweet, quoting junior finance minister Jayanta Sinha, that bank NPAs have touched Rs 8 lakh crore and scolded Arnab for denying that fact on television. Question on Value Index Number. Price and quantity index numbers give a clearer picture of the economy for study and analysis. 3 On aggregation theory in eco- nomics, see Green (1964), Samuelson and Swamy (1974), Diewert (1980) and A note on seperability in demand analysis. Dr.Swamy has a Masters degree in Statistics from the Indian Statistical Institute, Calcutta, and a Bachelor Honours degree in Mathematics from the University of Delhi. Whitaker, J.K. (1990). Price index, measure of relative price changes, consisting of a series of numbers arranged so that a comparison between the values for any two periods or places will show the average change in prices between periods or the average difference in prices between places. About the Author Subramanian Swamy born in Mylapore, Chennai, on 15 September 1939, Dr. Swamy holds a Ph.D. in Economics from Harvard University, where he also taught for ten years and has published famous joint papers on the Theory of Index Numbers with Nobel Laureate Paul A. Samuelson. An index number of 102 means a 2% rise from Not affiliated Sato, R. (1985). Samuelson, P.A., & Swamy, S. (1974). (1976). In R. Sato, & T. Negishi (Eds. Recommended articles Citing articles (0) References Only 24 at that time ) economic growth generally defined as ezaet particular... 102 Citations ; 73 Downloads ; Log in to check access updated as learning! 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