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calcualating inflation

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  • 01-06-2008 7:36am
    #1
    silverharp
    Registered Users Posts: 17,840 ✭✭✭✭


    does anyone trust the US gov. inflation numbers? I gather that if inflation was calculated as in the 1960's the inflation now would be double digit. for instance hedonics are used so inflation is reduced because computers get better each year. substitution is used so if beef goes up in price they overweight chicken. there is also a strange element called owners equivalent rent, which has the effect of understating inflation in a boom and overstating in a recession, it will be interesting to see if they try to exclude this and include house prices instead.

    imo the calculation is deeply flawed and provides little useful information, its akin to a weather man saying the weather is great when you can see its raining. Can they really fool all of the people all of the time.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #2
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Those evil bankers and their NWO agenda!


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    #3
    silverharp
    Registered Users Posts: 17,840 ✭✭✭✭silverharp


    Flamed Diving wrote: »
    Those evil bankers and their NWO agenda!

    thats not my bag, but are you saying the current method of calculation is 100% reliable and there is no element of bias? discuss

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #4
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Politicians in 'fiddling with the numbers to their favour' shocka!


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    #5
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    Greg Mankiw dealt with this yesterday.


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    #6
    blue shimmering
    Closed Accounts Posts: 222 ✭✭blue shimmering


    Antithetic wrote: »
    Greg Mankiw dealt with this yesterday.
    Brilliant blogger website, thanks this will help me with my studies!


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    #7
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    blue shimmering wrote: »
    Brilliant blogger website, thanks this will help me with my studies!

    Pitched at those more familiar with academic economics but infinitely more interesting is Marginal Revolution.


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