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> A messy and imperfect measure is the best we can do, which is definitely better than no measure at all. Not sure I agree. I think it leads to fundamentally
by oatmeal1 3y ago
> A messy and imperfect measure is the best we can do, which is definitely better than no measure at all.
Not sure I agree. I think it leads to fundamentally misunderstanding the economy and an excessive focus on financial measures of the economy where other measures are available.
- awithrow 3y agoLargely I see inflation measurements as a model that degrades with time. Inflation of one year vs the last couple of years? Not too bad of a measure, things are similar enough. Inflation of this year's dollars vs dollars 50 years ago, much less useful as the things being purchased are radically different. Inflation comparing today's dollars to dollars 100-200 years ago. Largely worthless too many goods are either completely different or don't exist