A Problem as Much of Economic Theory as of Statistical Technique? The Walsh-Edgeworth Debate on Index Numbers, 1921–25

Bibliographic Data

ID7799233
AuthorsVictor Cruz-E-Silva (Universidade Federal do Paraná), Victor Cruz‐e‐silva (0000-0002-2504-5980, Universidade Federal do Paraná, corresponding author)
Year2025
Volume57
Issue1
Pages11-39
Publication date2025-02-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueHistory of Political Economy (JOURNAL)
Journal identifiersISSN: 0018-2702 • E-ISSN: 1527-1919
PublisherDuke University Press (PUBLISHER • US)
DOI10.1215/00182702-11540206
OpenAlexW4402847019
LanguageEN
References cited55

Correa Moylan Walsh (1862–1936) was a monetary economist of the early twentieth century, mostly remembered for his contributions to the theory of index numbers. Francis Ysidro Edgeworth (1845–1926) was a renowned mathematical economist, remembered as one of the great masters of the discipline. Walsh was an adamant defender of a deterministic, test approach to the theory of index numbers, whereas Edgeworth favored probabilistic approaches and thought index-number theorists should not close themselves to alternative methods. Holding contrasting views about the making of index numbers, they engaged in a fierce debate in the first half of the 1920s—a period marked by several quarrels on the subject. The main points in dispute between Walsh and Edgeworth were the existence of an ideal formula for index numbers and the use of probability in the measurement of price variations. The goal of this article is to explore this debate and its underpinnings. It is argued that the main points of contention between them relate to their conflicting perspectives on the nature of index numbers

Econometrics · Economics · Index (typography · Mathematical economics · Neoclassical economics · Positive economics · Sociology · Statistical theory · Statistics · Computer Science · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Mathematics