Aftershocks from a Revolution: Ordinal Utility and Cost-of-Living Indexes

Article

Abstract

This essay argues that beneath the superficial linearity of the history of neoclassical price index theory lie important conceptual ruptures that are linked to the ordinal revolution, including a radical transformation in the core objective for cost-of-living indexes. Revealing these ruptures produces a more accurate history of both the development of neoclassical price index theory and its reception. Furthermore, we can recognize how transformations in this theory have made cost-of-living indexes more coherent with existing traditions of empirical macroeconomics even as they may have reduced the indexes’ suitability for other functions, notably adjusting income payments.

Attributes

Attribute NameValues
Creator
  • Thomas A. Stapleford

Journal or Work Title
  • Journal of the History of Economic Thought

Volume
  • 33

Issue
  • 2

First Page
  • 187

Last Page
  • 222

Publication Date
  • 2011

Subject
  • Cost-of-Living Indexes

  • History of Economics

Date Created
  • 2017-01-10

Bibliographic Citation
Language
  • English

Related Resource(s)
Departments and Units
Access Rights Open Access
Content License
  • All rights reserved

Digital Object Identifier

doi:10.1017/S1053837211000058

This DOI is the best way to cite this article.

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