Episode 253: Tradeoffs, Lockdowns, Climate Change, and Free Stuff
Words & Numbers
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Is There Any Objective Level of Inflation?
There's not some objective measure of inflation that we're all looking for. Rather, inflation is like happiness: It depends on how you define the thing. One isn't any better than the other. They're just different definitions. And so we can look at numbers. For example, the price of gas from 1950 to the present is up by a factor of 12. Is that inflation? Well, I don't know. On the one hand, gas has become more expensive. But there's been a massive increase in demand.
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