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Politics : Politics for Pros- moderated
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To: KLP who wrote (358468)4/8/2010 9:45:45 PM
From: TimF  Read Replies (1) of 793640
 
Regarding inflation statistics, Williams says that some of the biggest changes to the Consumer Price Index were made between 1997-1999 in an effort to reduce Social Security outlays, using controversial changes by Alan Greenspan that include "hedonics", or the increased quality of goods.[4]

There somewhat controversial, but I think they are appropriate. Generally we aren't paying 20 times as many dollars for the same things that we bought in 1913, or twice as much as in the mid-eighties, were buying different things, and to the extent the different things get the same label they are still different, a car from 1913 isn't the same as one today, a computer from 1984 isn't the same as the modern equivalent either. In both cases the modern model is much better.
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