the main thing you should take from this thread is not whatever object level conclusion he suggests by the end (havent read that far) but rather the meta lesson that if faced with a question requiring sensitive longitudinal macro data to answer correctly you should simply give uphttps://twitter.com/oren_cass/status/1230505649794166785 …
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there are lots of ways to deal with hedonics in inflation numbers and all of them are bad no one knows whether the aggregate is is some sense better off in 2020 than 1990 and in some ways the question is simply impossibly vague let it go its fine no one knows
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Replying to @eigenrobot
I think it is clearly and unambiguously true that we are in aggregate better off today than in 1990. The question is not if, but how much? This means these issues matter a *little* less, but still a lot for questions like “what was the average level of real interest rates?” etc
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Replying to @moneyreflux @eigenrobot
If you are counting China and Africa in your aggregate, then I agree. If we are talking about the United States only I am not yet convinced.
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Replying to @reighleyc @eigenrobot
Absolutely no question for the US either, in aggregate. The level of estimated real GDP doubled, while population increased maybe 33%. Hedonic differences don’t get you anywhere near that much. Medical innovation alone over that time makes you much better off, let alone tech etc.
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US life expectancy is around 3 years higher today than it was in 1990! Not sure about morbidity stats, but since the distribution has shifted a little, could be slightly different, but almost certainly better than 1990. These are meaningful differences!
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But everyone is fat and sad
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Socrates’ lament, but for obesity and depression
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