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Whatever gets us to class consciousness (lemmy.ml)
submitted 2 years ago* (last edited 2 years ago) by to c/shitposting@lemmy.ml
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charts explaining how the purchasing power per burger gas declined. comment: explaining purchas8ng power collapse to a American "imagine no burger"
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[–] 5 points 2 years ago (1 child)

I think one reason is it's the other way around, the cart is leading the horse. One problem with using a basket of goods to measure inflation is that it cannot keep pace with the substitutions consumers make. Consumer choices can switch really quickly but the basket of goods used to measure that needs to be workshoped before it can be used. It's in part, because it's impossible to have a perfect snapshot of a market.

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  • [–] 3 points 2 years ago

    Could we not at least make various unchanging standards?

    Like, housing & food inflation index?

    Is that not vague and unchanging enough?

    I know sourcing the data isn't a walk in the park, but I know for a fact Victoria collects information on the first one pretty accurately.

    I think we should have a "base needs" basket, because that's never going to change. People need to eat, people need to sleep.

    Thanks for indulging me in my vague, unlearned on the topic, questioning!

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