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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: Peter Dierks who wrote (61640)	1/24/2013 11:52:11 PM
From: LLCF	Read Replies (1) \| Respond to of 71588

Moreover, there are several problems with this measurement of wages. First, the CPI overestimates inflation by underestimating the value of improvements in product quality and variety.> Actually, this is EXACTLY the phenomena that Austrian Economists, who champion libertarian ideals (Joe btfsplk, where are you?) have pointed to as the reason CPI is GROSSLY UNDERESTIMATING inflation for that time period. Essentially the idea is that the price of a word processor on an apple mac today is 1/1000th the price of an apple mac in the mid 80's because the one you use to day has so many more gadgets, memory, etc than the one back then... even if used as.... A WORD PROCESSOR! No... actually workers have lost MUCH MORE in the past 30 years than what the government is reporting... "hedonic pricing", in fact is a crazy ass government COVER UP of actual inflation. Hedonics: mises.org DAK