Newsweek’s Daniel Gross explains the Consumer Price Index (here’s the official BLS site) in a very simple video. I could do without the goofy sound effects, but it’s a good, 2 minute explanation of how the government tracks inflation.
Per David Simon’s Berkeley talk, though, the video doesn’t go into why this matters. Perhaps they’ll cover that in the next installment of the Economics 101 series.
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You can see the entire video for the Black Eyed Peas 24 seconds to live video at the ESPN Motion Showcase. This requires installing Motion (only available for Windows folks), but is well worth it if you want to see the vid. I will see if I can snag it from somewhere…
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