## 939R. T. W. Chaundy to Harrod, not dated

[a]

Note titled "On the average the aggregate percentage increase exceeds the percentage increase of the aggregate". Chaundy calculates the increase of the indices of n commodities and the actual increases, and shows that the former exceeds the latter both on average and numerically, beginning from the assumption that while the indices are taken to be all positive the actual values can be of either sign.