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by jjav
982 days ago
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> If people spend on item X less or no more, why would it be included in the index at the old weight? Say ten years ago, hypothetically, everyone ate steak and wine every day for $100/week and today everyone can only afford to survive on ramen and tap water and it costs $100/week. If you change the basket to say people today only want ramen, you will conclude that there has been 0% inflation in a decade. Everyone still spends $100/week on food, no change at all! That does not seem like a useful measurement. |
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