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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My father got this brain teaser at his last MIT reunion….
Consider a clock with indistinguishable hour and minute hands, and infinitely precise hand positions. Are there ambiguous times, times for which there are two consistent interpretations of which hand is the hour hand and which is the minute hand?
Any takers? I will probably post the answer later.
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