The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Kravis, Irving B. (1916–1992)

  • Alan W. Heston
Reference work entry


Irving Kravis is best known for his pioneering empirical estimates of country purchasing power parities (PPPs) and real products based on detailed price and expenditure comparisons. This research began in the early 1950s at the Organisation for European Economic Co-operation (OEEC, now OECD) in collaboration with Milton Gilbert. It was continued on a world scale when he jointly directed the United Nations International Comparison Project from 1968 to 1982. However, these contributions were just the most notable in a career that included yeoman service to the University of Pennsylvania: in building up the Department of Economics, in serving as Associate Dean of the Wharton School and chair of the University Senate, and in active participation in many important committees of the School of Arts and Sciences and the university.


Bureau of Labor Statistics (BLS) (USA) Country-product dummy (CPD) method Exchange rates Income distribution International Comparison Programme (ICP) (UN) International price competitiveness International trade: and economic growth Kravis, I. Kuznets, S. Laspeyeres index Law of one price Maddison, A. Organisation for European Economic Co-operation (OECD) Paasche index Penn World Table Purchasing power parity World Bank 

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  1. International Comparison Programme (ICP). Online. Available at,pagePK:62002243~theSitePK:270065,00.html. Accessed 26 Apr 2006.
  2. Klein, L. 1993. Irving B. Kravis: Memoir of a distinguished fellow. Journal of Economic Perspectives 7(3): 175–184.CrossRefGoogle Scholar
  3. Penn World Table. Online. Available at Accessed 26 Apr 2006.

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Alan W. Heston
    • 1
  1. 1.