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The average price of what is considered a good TV in any given year has gone down over the years. While the GP did get a better TV each time, absolute price als
by layer8 2y ago
The average price of what is considered a good TV in any given year has gone down over the years. While the GP did get a better TV each time, absolute price also went down each time, likely without even factoring inflation in.
- yzydserd 2y agoI’m being downvoted for each comment I make on the topic but anyway … I found a source article [0] about how the Bureau adjusts the cost for features with a “hedonic” score. So yes, a new feature (a Netflix app? AI? Voice recognition? Soundbar?) is counted as an improvement with value and that in turn affects a prior. On another BLS page: “if a television in the CPI is replaced by one with a larger screen and higher price, the BLS can make an adjustment to the price difference by estimating what the old television would have cost had it had the larger screen size.” I bought a 42” mid range TV in 2012 for 900, a 55” mid range in 2017 for 900, and a 55” mid range in 2024 for £1200. Although this is a 30% or so discount (in inflation adjusted terms) the BLS can call it 80% because it has Smart Features like OLED and internet connectivity and so forth. [0] https://www.bls.gov/cpi/quality-adjustment/questions-and-answers.htm https://www.bls.gov/cpi/quality-adjustment/questions-and-ans...