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To: Wyätt Gwyön who wrote (123162)	9/18/2001 12:47:51 AM
From: NOW	Respond to of 436258

The quote is not about anecdote versus statistics. The quote refers to the fact that price indices the govt creates obscures relative price changes between goods and industries and is therefore not useful.

To: Wyätt Gwyön who wrote (123162)	9/18/2001 9:08:05 AM
From: Mike M2	Respond to of 436258

Mucho, for most economists inflation is a rise in product prices. The Austrian economists define in inflation as an expansion in the supply of money and credit beyond the supply of available savings and the needs of economic activity. the austrians would argue that the inflation is in financial assets and to some extent real estate. In addition, the record trade deficits and the strength of the US $ have served to subdue product price inflation. Many on this thread are austrians. I suspect that Missman is a closet austrian -g- >Mike