What History Tells Us About the Feel-Bad Economy
What History Tells Us About the Feel-Bad Economy
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16 comments
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That's what's called gaming the statistics. Actual purchasing power has been declining at a significantly higher rate as wages increased the net result being you can buy less stuff for more money. Fluffy articles citing feel good statistics dont matter.
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It's the standard statistics about wages and price levels that we've been using for decades. I don't see any evidence that they're gamed, though I don't doubt that there are some people for whom what you describe is true
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CPI for example likely isn't being gamed, (I hope). There have been changes to the CPI so whoever made these does have the ability to push it into a certain direction. What I meant was, for a random fluff article I simply pick any of my favorite CPI categories and spin those to suit my main point.
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Which is why Krugman is using CPI, and not some random category. He's smart enough to avoid that kind of pitfall.
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16 comments