Thomas Sowell on Economic Facts and Fallacies
EconTalk
00:00
The Role of Prices in Income Comparisons
Income in one period is higher, but of course there's been inflation. But if inflation's inaccurately measured, you're not going to get an equal measuring stick. The critics of that viewpoint often will say the following: Sure incomes are higher, people have more consumption, but they struggle to get by.
Transcript
Play full episode
