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To: Moominoid who wrote (59150)	1/18/2001 11:09:36 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

<If you don't take account of the changes in products you aren't measuring real output correctly.> 1.) But why is it SO important that the government spend all this time and money differentiating between last years and this years TV [or whatever]? <The correct measure of the price level is the actual dollar amount paid for the product divided by the quantity of the product. The guys at BLS are trying to work out the cost per unit of real output.> But that's the point, I get the concept but who cares?... to what end? DAK

To: Moominoid who wrote (59150)	1/18/2001 11:28:35 AM
From: Mike M2	Respond to of 436258

David, it is worth noting that to the best of my knowledge no other industrial nation on earth uses hedonic in the computation of GDP and prior to 1996 (I think) it was NOT used in the US. I don't recall the precise name of the British Dept. of statisitcs but they along with the Bundesbank, OECD, the Japanese have noted that the different metrics of the US overstate GDP vs the rest of the world. Surely you as a number cruncher can understand that the metrics must be similar in order to make valid comparisons over time and amongst nations. The poster who referenced Epstein's attack on critics of hedonics Do you really think a reporter got it right and these people are wrong? MAJOR HO HO HO Mike