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To: Skeeter Bug who wrote (129543)	8/2/2001 3:39:14 PM
From: GraceZ	Read Replies (2) \| Respond to of 164684

It was obvious you were trying to explain hedonic pricing but you are using the term chained dollars incorrectly in trying to explain it. Not only that, you make little or no attempt to state the problems inherent in measurement of the GDP that brought about it's use. To you the government and AG specifically is on some kind of mission to screw around with the indicators for personal or political purposes. (according to Grand Pa it's to screw the pensioners by understating inflation) I don't think you fully appreciate the difficulty inherent in measuring output in an economy with technology that can be completely discontinuous from one year to the next whose prices drop with a rapidity unseen in previous decades. You know the problems inherent in using the hedonic measurements but do you understand the problems inherent in not using some form of hedonic price adjustments? But most importantly you don't really care about being accurate because it doesn't fit your anti-Fed agenda. If you are going to blast the Fed at least blast them for their arrogance in thinking that anyone is smart enough to engineer the economy in the first place regardless of how flawed the yardsticks are. The yardsticks are always flawed, the most you can do is choose one set of problems over another.