When you talk about economics you contradict yourself on your opinions on other matters related to government
Ok. It's complicated. Like all things. Particularly the measurement of the behavior of whole societies. But it's hard for me to believe that the inflation stats haven't been gerrymandered over the years to reflect favorably on political policy at the expense of the general publichttps://twitter.com/jordanbpeterson/status/1458510385158496260 …
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I truly think it has been "altered" to suit situations...
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One of the biggest problems of the modern CPI is “Owner’s equivalent rent” which dramatically delays and understates the cost of buying a home.
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Complicated, debatable topic, try http://www.shadowstats.com/alternate_data/inflation-charts …
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Don’t take this the wrong way, but I doubt half of twitter understands what you mean by that. They probably stopped trying to comprehend right around “gerrymander” and it being applied economically. Do a short thread instead, imo. I myself am curious what you mean in detail.
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He is using gerrymander in the sense of selectively choosing data in a way that supports a conclusion. In this case he is talking about the way that inflation is calculated, utilizing iterative consumer products that decrease in value over time as negative inflation in accounting
End of conversation
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The best you can say is that it is a poor estimate for an ill-defined metric. I mean, how do you expect to be able to get an average inflation percentage? You can't even get close to measuring all prices in a given timeframe.
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This reminds me of the Fauci arguments. Yes we know technically you are accurate with your definition but we are asking you the same question with our definition…
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Join in using the proper definition of inflation: the expansion of the currency supply (it literally *inflates*). Prices tend to follow inflation, but are affected by so many other things it's a bad way to measure the original thing.
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