INTRODUCTION

History of Price Index No clear consensus has emerged on who created the first price index. The earliest reported research in this area came from Welshpoet Henry Rice Vaughan who examined price level change in his 1675 book A Discourse of Coin and Coinage. Vaughan wanted to separate the inflationary impact of the influx of precious metals brought by Spain from the New World from the effect due to currency debasement. Vaughan compared labor statutes from his own time to similar statutes dating back to Edward III. These statutes set wages for certain tasks and provided a good record of the change in wage levels. Vaughan reasoned that the market for basic labor did not fluctuate much with time and that a basic laborers salary would probably buy the same amount of goods in different time periods, so that a laborer's salary acted as a basket of goods. Vaughan's analysis indicated that price levels in England had risen six to eightfold over the preceding century.[1] While Vaughan can be considered a forerunner of price index research, his analysis did not actually involve calculating an index.[1] In 1707 Englishman William Fleetwood created perhaps the first true price index. An Oxford student asked Fleetwood to help show how prices had changed. The student stood to lose his fellowship since a fifteenth century stipulation barred students with annual incomes over five pounds from receiving a fellowship. Fleetwood, who already had an interest in price change, had collected a large amount of price data going back hundreds of years. Fleetwood proposed an index consisting of averaged price relatives and used his methods to show that the value of five pounds had changed greatly over the course of 260 years. He argued on behalf of the Oxford students and published his findings anonymously in a volume entitled Chronicon Preciosum.[2]

History of Statistics The History of statistics can be said to start around 1749 although, over time, there have been changes to the interpretation of the word statistics. In early times, the meaning was restricted to information about states. This was later extended to include all collections of information of all types, and later still it was extended to include the analysis and interpretation of such data. In modern terms, "statistics" means both sets of collected information, as in national accounts and temperature records, and analytical work which requires statistical inference. Statistical activities are often associated with models expressed using probabilities, and require probability theory for them to be put on a firm theoretical basis: see History of probability.

A number of statistical concepts have had an important impact on a wide range of sciences. These include the design of experiments and approaches to statistical inference such asBayesian inference, each of which can be considered to have their own sequence in the development of the ideas underlying modern statistics.

Famous Mathematics Quotes Archimedes of Syracus (287-212 B. C. E)

Give me a place to stand, and I will move the earth. Eureka, euraka! Don't spoil my circles! (or Do not disturb my circles!) There are things which seem incredible to most men who have not studied Mathematics.

Aristotle (384-322 B. C. E)

Now what is characteristic of any nature is that which is best for it and gives most joy. Such a man is the life according to reason, since it is that which makes him man. There is nothing strange in the circle being the origin of any and every marvel. The so-called Pythagoreans, who were the first to take up mathematics, not only advanced this subject, but saturated with it, they fancied that the principles of mathematics were the principles of all things. To Thales the primary question was not what do we know, but how do we know it. If this is a straight line [showing his audience a straight line drawn by a ruler], then it necessarily ensues that the sum of the angles of the triangle is equal to two right angles, and conversely, if the sum is not equal to two right angles, then neither is the triangle rectilinear. It is not once nor twice but times without number that the same ideas make their appearance in the world. But Nature flies from the infinite, for the infinite is unending or imperfect, and Nature ever seeks an end. We cannot ... prove geometrical truths by arithmetic. The chief forms of beauty are order and symmetry and definiteness, which the mathematical sciences demonstrate in a special degree. The continuum is that which is divisible into indivisibles that are infinitely divisible. Physics.

Conclusion

After doing research, answering question, drawing graphs and problem solving, I saw that the usage of price index is important in daily life. It is not just widely used in markets but also in interpreting the condition of the surrounding like the air or the water. Especially in conducting an air-pollution survey. In conclusion, statistics is a daily life essecites. Without it, surveys cant be conducted, the stock market cant be interpret and many more. So, we should be thankful of the people who contribute the idea of statistics.