commenting on john rutledge’s excellent article on cpi overstating inflation. it’s even worse than he notes (and not because data providers are letting us down, but because in an industrial revolution with dramatic increases in new products and product quality, it'‘s very, very hard to accurately measure cpi changes). prices adjusted for both john’s points and product quality are rising much slower than published cpi suggests. great job, dr.john!
commenting on john rutledge’s excellent article on cpi overstating inflation. it’s even worse than he notes (and not because data providers are letting us down, but because in an industrial revolution with dramatic increases in new products and product quality, it'‘s very, very hard to accurately measure cpi changes). prices adjusted for both john’s points and product quality are rising much slower than published cpi suggests. great job, dr.john!
this time John, you are NOT dead wrong. and, of course, as we've discussed, beware the data. swk
Great summary and insight John.