Volume elasticity of the arterial system and its component parts is developed starting from a Windkessel*-model, which is defined in 4 points. Emphasis is laid on the simplicity of the derived equations and accessibility to experimental verification. The theory is an extension of earlier work achieved by Wetterer and Pieper (1953), who introduced an essentially physical method for the indirect determination of volume elasticity in situ, by creating forced sinusoidal oscillations in the arterial system, using a special pump operated at a considerably lower frequency than the mean heart frequency. The elegance of both experimental technique and the derived equations incited us to investigate the mathematical foundation and possible generalization of the method.