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The book is divided into six chapters and an appendix as follows: 1. Introduction; 2. Principles of price and quantity measurement: outputs; 3. Comparative statistics: outputs; 4. Principles of price and quantity measurement: inputs; 5. Comparative statistics: inputs; 6. Aggregation; Appendix: On perfect aggregation in the national-output deflator and generalized Rybczynski theorems. The book has 226 pages and a rich section of references. It presents fresh approach to the construction of price and quantity indices. The authors develop the economic theory of production indexes at the level of the firm, the industry and the economy under a variety of assumption about market structure. They prove convincingly that, generally, the economic theory of production indexes differs in interesting and important ways from the more familiar theory of the cost-of-living index.