This paper focuses on the theoretical differences of four index methods to predict price fluctuations in the picture market: (a) the relation of the arithmetic mean of picture prices of two periods; (b) the relation of the geometric means of picture prices of two periods; (c) the arithmetic mean...

The paper presents an empirical demonstration of the well-known fact that theories and persons are differently seen and often differently evaluated by of different countries and in different times. To test these hypotheses, the authors have chosen the presentations of physiocratic theory in...