Bollettino
In the nineties, under Clinton, the left Keynsians and the right Keynsians – the liberals and the supply siders – staged a quiet revolution. They revolutionized the standard by which the CPI – the cost of living – was measured. No longer would inflation be considered, as it was by primitive man, an increase in price. Primitive man has a broken club, and he trades 5 clams for it. 3 months before, he traded 2 clams for it. Primitive man scatches his head and makes up a big word: inflation. Today’s economists have to sniff at such foolishness.
Why? Primitive man is forgetting that the shape of the club is getting more pleasing all the time! Yes, one must calculate the relationship between price and quality. As Bill Fleckenstein at MSNBC puts it :
“… you buy a PC with twice as much power, so the government concludes that you really paid only half as much money for it. Hedonics is also the government's way of taking quality improvements and converting them into pri
“I’m so bored. I hate my life.” - Britney Spears
Das Langweilige ist interessant geworden, weil das Interessante angefangen hat langweilig zu werden. – Thomas Mann
"Never for money/always for love" - The Talking Heads