2 ms·
> So no, the point of the CPI isn't to track the price of a specific item. Strawman. No one ever claimed that. I'm not sure why you're continuing to argue her
by lend000 3y ago
> So no, the point of the CPI isn't to track the price of a specific item.
Strawman. No one ever claimed that.
I'm not sure why you're continuing to argue here.
> but that doesn't matter because it is not possible to track what you might have bought
I can think of several ways of improving on the current system, two of which can be easily derived if you understand my previous post.
Spoiler: track the inflation of goods weighted by quantities purchased 1-2 years prior. And incorporate savings as a significant category such that the category CPI_savings = -(net_savings_this_month - net_savings_X_months_ago) / ((income_this_month + income_X_months_ago)/2). Still imperfect if most of the people answering the survey have no savings, but at least it would have captured the undocumented inflation from the 1980s-2010s that was hidden by decreasing savings.
- frumper 3y agoI never claimed you can't improve CPI, or that it's even an accurate way to view changes in prices over time. My original comment was that when you choose to buy beans over another food, you are expressly showing you prefer to buy beans.