You're assuming my "concern" is that the OP is wrong. Which is why i specifically took the time to talk about value being up or down.
I get you're just pissed off for whatever reason, but I'll still try to explain more.
My point is not addressed when calculating the consumer price index because i'm saying that a single selection of prices and goods to produce a single price index does not tell a person what the value of their money is unless they just happen to be literally the median consumer.
Are you going to sit there with a straight face and tell me you buy every single item that is used in that consumer price index? In every city? You're just not being serious if that's the case.
You're confusing a price index that minimizes the error in measuring inflation when applied to a large varying amount of people with what i'm advocating which is a price index that's personalized to and minimizes the error in measuring inflation for an individual. Other people's buying habits and prices for things in places where they live don't need to go into a personalized price index.
bpt3|3 months ago
Your "concerns" are all well known and accounted for when calculating things like the consumer price index.
ethanwillis|3 months ago
I get you're just pissed off for whatever reason, but I'll still try to explain more.
My point is not addressed when calculating the consumer price index because i'm saying that a single selection of prices and goods to produce a single price index does not tell a person what the value of their money is unless they just happen to be literally the median consumer.
Are you going to sit there with a straight face and tell me you buy every single item that is used in that consumer price index? In every city? You're just not being serious if that's the case.
You're confusing a price index that minimizes the error in measuring inflation when applied to a large varying amount of people with what i'm advocating which is a price index that's personalized to and minimizes the error in measuring inflation for an individual. Other people's buying habits and prices for things in places where they live don't need to go into a personalized price index.