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Ernst Louis Étienne Laspeyres (German: [lasˈpaɪrəs]; 28 November 1834 – 4 August 1913) was a German economist. He was Professor ordinarius of economics and statistics or State Sciences and cameralistics (public finance and administration) in Basel , Riga , Dorpat (now Tartu), Karlsruhe , and finally for 26 years in Gießen .
The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
The Laspeyres index tends to overstate inflation (in a cost of living framework), while the Paasche index tends to understate it, because the indices do not account for the fact that consumers typically react to price changes by changing the quantities that they buy.
The Laspeyres Formula is the weighted arithmetic mean based on the fixed value-based weights for the base period. The Ten-Day Price Index is a procedure under which, “sample prices” with high intra-month fluctuations are selected and surveyed every ten days by phone.
Theodor Roscher, Zur Geschichte der Familie Roscher in Niedersachsen (Hanover, 1892); Moritz Brasch, Wilhelm Roscher und die sozialwissenschaftlichen Strömungen der Gegenwart (Leipzig, 1895).
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
The German historical school of economics. [1] was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century.
The trade-weighted FAO Food Price Index is technically a price index and is calculated using the Laspeyres formula. It documents the development of world market prices of 24 agricultural commodities and foodstuffs in U.S. dollars. Foodstuffs have been grouped by the Food and Agriculture Organization (FAO) of the United Nations into five ...