The Behaviour of Industrial Prices in India
This study of industrial prices in India from 1947-77 assembles and evaluates data from six broad industry groups as well as from industry overall. Chatterji demonstrates, through statistical tests, the relationship between costs and prices, and contends that industrial prices have been closely tied to costs and relatively impervious to demand pressure.
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B THE EMPIRICAL CANVAS FOR INDIA
PRICE BEHAVIOUR IN INDIA
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actual and normal actual cost actual or normal aggregate industry agricultural output ba ln baln cent chapter Chemicals coefficient on cost cost and activity cost changes cost-plus pricing counter-cyclical Coutts current weighted cycle demand discrepancy employment engineering estimated coefficients estimated t-statistics fall Figures without parentheses fluctuations Godley and Nordhaus growth Hall and Hitch important increase Indian context Indian industry individual industry level industrial output industrial prices input input/output iron and steel Kalecki lagged list and transactions list price ln PUR marginalist mark-up money wages normal cost oligopolistic parentheses are estimated period PL and PT PL/PT ratio positive relation potential utilization ratio price and cost price behaviour price control price index price/cost/activity relation prime cost pro-cyclical problem profit maximization raw material cost real wages relation between price rise significant activity terms six industries specification sugar Table textiles theory transactions price trend unit labour cost wholesale price index