Price Movements and Fluctuations in Economic Activity (1860–1947)

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Abstract
The period 1860 to 1947 was one in which market activity in India appears to have changed substantially. Price data are among the tracks of these changes in market activity. This chapter begins with a short examination of price movements over the entire period, and then moves to a longer examination of the forces determining agricultural prices in India and of the changes in these forces which occurred during this period. Next, it covers the prices of non-agricultural commodities and export and import prices. Relative movements of agricultural and non-agricultural prices and the potential impact of such movements on income distribution are also explained in the chapter. In industrial economies it is generally expected that short periods of rising prices are accompanied by expanding economic activity. Investment will be increasing, output will be expanding, and prices for factors will be bid up. The chapter considers how forces determining price movements may influence the level of economic activity.

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