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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Atrios posted this video of Friedman’s May 30, 2003 which is quite remarkable for it’s idiocy. Someone should ask him if he stands by his foreign policy advice of “suck on this.” He should never be taken seriously again.
