Eric concluded:
>Unfortunately most who cite/use the CPI do not really understand what the CPI >intends to measure. This is true for almost _all_ economists who use the CPI-- >most are unaware of the limits of the CPI measure and, so, use it in >unappropriate ways. The question is, are they fools or knaves? I mean, for an economist not to know what the CPI really measures or who its applicability/interpretation changes over time, is like a cook not knowing that baking a cake at high altitudes requires a different procedure. This is important because the whole justification about the loose money policy (which exacerbated all kinds of bubbles/ripoffs) was that "we didn't have to worry about inflation." Joanna
