Premium
Dimensions of Spatial Price Dispersion Before and After the Crash of 1929
Author(s) -
Clark Gordon L.
Publication year - 1986
Publication title -
geographical analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.773
H-Index - 65
eISSN - 1538-4632
pISSN - 0016-7363
DOI - 10.1111/j.1538-4632.1986.tb00080.x
Subject(s) - optimal distinctiveness theory , crash , price dispersion , econometrics , dispersion (optics) , economics , series (stratigraphy) , interpretation (philosophy) , spatial dispersion , geography , computer science , psychology , geology , physics , paleontology , optics , psychotherapist , programming language
The spatial and temporal patterns of prices are analyzed over the 1919–40 period. Arguments are made for the distinctiveness of different economic episodes, including the crash of 1929, in terms of their local price effects. Nevertheless, it is also shown that the variability between cities and between components of their price series declined through the early 1940s. Alternative conceptions of spatial price systems are introduced, and due regard is also given to the structure and interpretation of city CPI data. Implications are drawn regarding the proper design of a theory that would explain the observed patterns of spatial price dispersion. This larger project is left, however, to another time.