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OUTPUT AND PRICES IN THE INTERNATIONAL COMPARISON PROJECT *
Author(s) -
Kravis Irving B.,
Kenessey Zoltan
Publication year - 1973
Publication title -
review of income and wealth
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.024
H-Index - 57
eISSN - 1475-4991
pISSN - 0034-6586
DOI - 10.1111/j.1475-4991.1973.tb00873.x
Subject(s) - purchasing power , gross domestic product , economics , work (physics) , product (mathematics) , purchasing power parity , international comparisons , purchasing , macroeconomics , international economics , economic growth , exchange rate , operations management , engineering , mechanical engineering , geometry , mathematics
In this paper we discuss a few of the problems that have been encountered in defining output and in comparing prices for the International Comparison Project (ICP). We report also on the way in which these problems are being met. The ICP has for its purpose the establishment of a systematic set of procedures for making international comparisons of gross domestic product (GDP) and of the purchasing power of currencies. Substantive work on comparisons involving Colombia, the European Economic Community (EEC), Hungary, India, Japan, Kenya, the United Kingdom and the United States is also being carried on with the aid of the statistical services of the countries and of the EEC. It is hoped to expand the comparisons beyond these countries as rapidly as possible.