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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If you’re not watching MythBusters, you’re missing out. This was one of the best episodes I’ve seen in a while, as the myth here was something I didn’t know AND was pretty damn cool anyway. So, check it out, and try and catch it on The Discovery Channel.
