International Comparisons of Real Product and Purchasing Power
By Irving B. Kravis, Alan Heston and Robert Summers
Johns Hopkins (for the World Bank), 1978, 264 pp.
To compare incomes internationally is a far more complex process than is suggested by the way figures are used in much of what we read. This second installment of a major U.N.-World Bank survey digs deeply into the real value of production and income in 165 countries during the 1970s. Valuable in itself, it is a cautionary tale for those who confuse exchange rates with purchasing power.