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Article: Homology of laspeyres and paasche index numbers.

Article from:
Economic Review
Article date:
February 1, 1993
Author:
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GDP/GNP is the only indicator which reflects the working of the whole economy. The estimates of the GDP/GNP at current and constant prices provide a firm basis for the measurement of economic growth. To convert sectors of the GDP/GNP from current to constant and vice versa, various type of index numbers are used as deflators. Any error in the computation and use of index numbers will, therefore, effect the validity of the GDP/GNP.

The use of index numbers for economic analysis is not confined to a single aspect of the economy. The measurement of dynamic forces and economic phenomena including the variations in the purchasing power of money at different points of time ...

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Dictionary definition: base period
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