I admit something important. I (purposefully) did not properly attend to the Paul's question of how Nash's words could/should be interpreted to not mean what Paul felt they meant. I will explain this properly shortly in an writing and I think he will admit to understanding :)
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ts not a measure of inflation per se, its a targeting of it. An apolitical price would be an ideal signal to peg the major currencies to.
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aren't they the same thing? targeting to a price signal X == measuring inflation rate with the reference set to X?
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Targeting involves measuring but I don't think you can suggest they have the same meaning.
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Maybe I'm being dense but I'm not quite sure I see the distinction…
E.g. if your currency has a one-to-one peg to a price signal X, doesn’t that mean a zero rate of inflation w.r.t. X? -
You have said that measuring and targeting are the same action. These are different words with different meanings. Your example isn't showing measuring == targeting.
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Oh I see what you mean. Yes of cos measuring is only part of targeting, hence part (a) of my summary. Choosing what/how to measure is a prerequisite to targeting, I’m merely separating out the 2 concerns.
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Yes but you weren't separating them you were conflating them no?
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No I wasn’t conflating them in my summary. Maybe in the follow-up tweet I should have said “measure AND THEN CORRECT if necessary”. But I thought this is pretty obvious, why measure something if you don’t do anything with it?

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