Journal Article Fisher's “The Making of Index Numbers” Get access Allyn A. Young Allyn A. Young Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 37, Issue 2, February 1923, Pages 342–364, https://doi.org/10.2307/1883934 Published: 01 February 1923

Aim and method of the present inquiry, 557. — The two fundamental problems, 558. — Prices should be treated as ratios, . 559. — When so treated the paradox of the arithmetic and harmonic means is resolved, 559. — Ratios are not fractional quantities, 561. — The completely weighted arithmetic mean is a ratio of aggregates, 563. — Geometrical representation of the price level, 563. — The method of least squares, 566. — The method of summation, 568. — Changes of the general price level, 568. — Effect of changes of the relative importance of trade in different types of commodities, 571. — Substitution of "dollar's worths" for physical units, 571. — Fisher's index number, 572. — Conclusion, 573.

Journal Article Depreciation and Rate Control: A Reply Get access Allyn A. Young Allyn A. Young Cornell University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 29, Issue 2, February 1915, Pages 378–387, https://doi.org/10.2307/1884964 Published: 01 February 1915

Importance of depreciation for valuation, 630. — A well maintained property is yet normally in a state of depreciation, 632. — How to allow for this circumstance depends on the purpose for which accounts are made up, 635. — Mode of reckoning depreciation required by Interstate Commerce Commission, 637. — "Replacement account, " "Reserve for accrued Depreciation, " 639. — A possible alternative, 644. — The general procedure justified for purposes of regulation, 648. — Criticism possible as regards earlier charges made, 654. — A different principle and a different rule by other regulating bodies, 656. — Wisconsin Commission, 657. — The United States Supreme Court, 660. — Conclusion, 662.

“Exchange value” compared with the abstractions of physical science, 410. — Subordination of price to value in economic theory, 413. — A general medium of exchange implicit in the theory of exchange value, 416. — Value as imputed price, 419. — Methods of imputation, 421. — Imputation of value extended to goods not priced in the market, 423. — The value of a stock depends on the size and nature of the units chosen, 425. — Meaning of “national wealth,” 427.

IN the preceding installment of this series of studies, certain important differences in the seasonal and cyclical fluctuations of banking phenomena in New York City and outside of New York City were shown. These differences were such as to suggest doubts respecting the adequacy and significance of any generalizations about the characteristics of the behavior of bank credit in which the distinction between the banks in a country's central money market and the country's other banks is not taken into account. It was observed, furthermore, that the series relating to banks outside of New York City were, in effect, weighted averages of series such as might have been compiled for different types of banks or for banks in different sections of the country. Certain questions at once suggest themselves. How representative is the average? How much real diversity does it cover up? How far is the general process of give and take between New York City and the rest of the country supplemented by other recurrent processes that play a part in the mobilizing and the distributing of credit? The series that are analyzed in the present installment have been selected with the purpose of throwing light upon such questions. They are not the only series which would have been useful for that purpose. But the amount of transcribing and computing which these studies have required is so large that some selection has been necessary. A few words in explanation of the grounds upon which the selection is made appear to be called for. It will be observed that the threefold classification of national banks according to their legal reserve requirements (banks in central reserve cities, banks in reserve cities, and other banks) has been passed over in order to make room for a regional dassification. Preliminary studies led me to believe that the regional differences, on the whole, were more significant. Nevertheless, in addition to the figures already given for New York City, I have found it possible to give figures for another central reserve city (Chicago), and for two important reserve cities (Boston and San Francisco). The regional classification which I have used is taken over from the reports of the Comptroller of the Currency.' Doubtless, by some other scheme of dassification, regions could be marked off that would have more industrial and financial homogeneity. But the possible advantage of reclassification did not seem to justify the additional computation that would have been required. In the case of the Eastern states, the figures for New York City, given separately, have been subtracted from the aggregate for the region. The figures for the other regions have not been altered by subtractions or additions. The regional series, therefore, may be viewed as constituting a regional dissection of the composite series for all outside banks which were discussed in the preceding installment. I have not thought it worth while to use a large number of different series in this regional study. I have selected deposits and loans and discounts because their fluctuations, undoubtedly, are more significant than those of any other banking series. For the geographic sections, although not for the selected cities, I have also inquired into the fluctuations of investments. Aside from the variations of loans and discounts and the movement of money into and out of the banks the fluctuations of investments have a more important relation to the fluctuations of deposits than the movements of any other banking series have. As for the movement of money