3 ms·
Careful - both measures that you mention have baked-in assumptions. Inflation measures are based on a 'standard' basket of goods and services which needs to be
by pmyteh 10y ago
Careful - both measures that you mention have baked-in assumptions. Inflation measures are based on a 'standard' basket of goods and services which needs to be chosen, and unemployment measures are dependent on definition: are all those looking for a job unemployed? All those on government assistance? All those working less than a given number of hours a week?
It was a favourite trick of British governments in the 80s and 90s to continually change the definition of unemployment, both to reduce the headline numbers and to prevent the construction of comparable data series.