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> Thirty years ago, what would've been the "consumer price" of a modern smartphone? Millions, easily. Sure, but how many of them were there? Zero. Volume has t
by naasking 4y ago
> Thirty years ago, what would've been the "consumer price" of a modern smartphone? Millions, easily.
Sure, but how many of them were there? Zero. Volume has to be accounted for.
- geysersam 4y agoBut how are you going to compare prices between two periods if you don't include the same items in the "market basket"?
- naasking 4y agoBy comparing median total living costs to reflect what's typical. A cell phone and computer are indispensable today, a land line not so much, for instance.
- geysersam 4y agoWith that definition, won't you conflate inflation with changes to income distribution and economic growth? Having a 2% inflation target would in practice mean having a target for median living cost increase.