A General Theory of the Price Level, Output, Income Distribution, and Economic Growth

By Sidney Weintraub | Go to book overview

3
The Partition and Measure of Elements

We now take recourse to the available data for calculating the components of the WCM-equation, thereby partitioning off the separate components of the price vector isolated in equation (2.1c). We begin with the figures for Business Gross Product, which we take as an obvious proxy representative of our Z or PQ category.


Business Gross Product

According to the Department of Commerce, its figures on Business Gross Product cover, in the main, "all private enterprises organized for profit."* This conforms almost perfectly to our Z-concept, especially when only an index of its movement will ultimately be required for our purposes.

Table 3.1 shows the totals for the Business Gross Product from 1929 through 1953. Statistics for employee compensation, by way of wages and salaries, are included alongside. This is as close as the data will take us to the wN-concept.

____________________
*
National Income ( 1954 edition), p. 40. Also included are government enterprises and owner-occupied dwellings. Considering its coverage, and the fact that we shall want to make only index-number use of the concept, the category leaves little to be desired as an index of PQ.

-13-

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A General Theory of the Price Level, Output, Income Distribution, and Economic Growth
Table of contents

Table of contents

  • Title Page iii
  • Preface vii
  • Contents ix
  • Introductory Note 1
  • 1 - A New Predictive Theory 3
  • 2 - The Basic Truism 9
  • 3 - The Partition and Measure of Elements 13
  • 4 - The Law of k 33
  • Conclusion 43
  • 5 - The Law of the Price Level 45
  • 6 - On Predicting the Price Level 57
  • 7 - The Wedding Ceremony: Price Level and Aggregate Output 69
  • 8 - The Eclipse of the Equation of Exchange 75
  • Conclusions 83
  • 9 - A Miscast Federal Reserve 85
  • 10 - Wage Policy: A Way Out 89
  • 11 - Decomposing k 93
  • 12 - An Empirical Macroeconomic Theory of Income Distribution 105
  • 13 - A Final Price Level Generalization 109
  • 14 - The Price Level Over Time: The Final Synthesis for a Growing Economy 111
  • Conclusion 118
  • Concluding Note 119
  • Index 121
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