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Politics : Ask Michael Burke
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To: Skeeter Bug who wrote (112114)3/11/2008 11:38:54 PM
From: TimF  Read Replies (1) of 132070
 
and that's the definition

Then the definition doesn't adequately reflect reality.

And if you spend more to get more, and then call that inflation your seriously distorting your reporting.

The real issue with these adjustments IMO, is not that they shouldn't be made, but that they add an additional source of error (too small, too large), and possibly bias (if you recognized the idea as being legitimate, I suspect you would assert the errors are biased in the direction of the adjustments being too large).

Another factor with inflation measurements is that they price of a new item often goes down greatly, but it doesn't get included in the basket of goods for the calculation (if it ever gets included), until its a mature good and most of the price reduction has already happened)
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