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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: XBrit who wrote (16994)	9/9/2000 3:26:44 PM
From: Oblomov	Read Replies (2) of 436258

. Government statisticians aren't that dumb, after all. This shows that Epstein misunderstands, perhaps willfully, the point being made by the detractors of hedonic adjustment. The point being made is not that government statisticians are "dumb". The point is that the adjustments are always in favor of understating inflation. Monetary policy has been increasingly politicized since 1979 or so, and to the extent that the Fed allows the "noninflationary" boom to continue, the political status quo is preserved and reinforced. That is, as long as the news from the BLS is good, the majority of people will not question the extant philosophy of government. I'm frequently told that this behavior is a function of "human nature" (though I can never seem to pin anyone down on what they mean by "human nature"). For example, no one complained about free markets when crude oil prices were at $10 per barrel. Yet now free markets appear to be problematic for the U.S. Government. I would claim that there is nothing inherently "human" about this behavior, but there is something inherently stupid and disingenuous in it.

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