Price and quantity indices are important, much-used measuring instruments, and it is therefore necessary to have a good understanding of their properties. This book is the first comprehensive text on index number theory since Irving Fisher s 1922 The Making of Index Numbers. The book covers intertemporal and interspatial comparisons; ratio- and difference-type measures; discrete and continuous time environments; and upper- and lower-level indices. Guided by economic insights, this book develops the instrumental or axiomatic approach. There is no role for behavioral assumptions. In addition to...