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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Brad DeLong takes the Bush administration’s “Economic Report of the President” to task for being embarrassingly wrong. A mere 4 months after release (from Feb to June ‘04), actual payroll employment was 1.2 million below the number in the forecast. Nice work there.
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