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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A number of people in college thought I might be Hispanic, so her experiences don’t surprise me that much. I totally understand being taken aback by that mistake though, since I usually feel like my Indianness is almost too obvious.
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