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 :)
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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So with the semantics out of the way. Is my understanding of Nash’s argument correct? (a) & (b) work together not in isolation.https://twitter.com/hugohanoi/status/999190170460078080?s=21 …
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Yes i think the x% (ie 2%) is not "too" arbitrary but it is quite arbitrary, it is arbitrary. And I am not "being semantical" I think you came to me for semantics (Not saying you are accusing me, just being clear because I don't like semantic based debates etc ;p )
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Yes maybe not semantics but slight miscommunication :p (I didn’t mean measuring for measuring’s sake or used in isolation, measuring here is with the clear intention of targeting)
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I think you haven't understood why its important you don't say it the way you did.
End of conversation
New conversation -
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To say "use bitcoin to measure inflation" is not palatable for people like economists, it won't make sense. It's better to say its best to target for inflation.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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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?