Introduction

People have had their eyes set on inflation. It seems as if people have kind of woken up to the fact that inflation is a thing and we should pay attention to it. As a consequence, I've had people writing me saying things like there's a conspiracy to underestimate inflation because when inflation estimates are lower, the government saves money. When I press them, I never get a rational answer. And furthermore, it's all entirely transparent. Any economist anywhere can look up and see what the calculations are. They're more like an open source project than it is any kind of a conspiracy.