2min chapter

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16: Tyler Cowen - The Revolution Will Not Be Marginalized

The Portal

CHAPTER

The Impossibility Theorem for Comparing Price Indices Over Time

There are various impossibility theorems for aggregating price induties over time. I would say this, most people would admit that over a time period of multiple decades, the comparisons just don't work and cannot work. In transitivity enters into the calculation. And you just need to be very careful and modest as to what you know and don't know,. There's an entirely different possibility. Here right now, let me ask you about gauge theory. Let's say gauge theory is correct. Is the actual rate of inflation higher or lower than what we're measuring? It's th your measuring the wrong object, there is something that you would create - if we previously use these mechanical pach

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