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Old 09-09-2011, 03:57 AM
Parallax Parallax is offline
 
Join Date: May 2011
Posts: 219
Default Re: Booze and Money (Tim Fernholz & Megan McArdle)

Quote:
Originally Posted by sugarkang View Post
Okay, when I said CPI is an illusion, I did not mean to suggest that it is completely irrelevant. CPI is an inadequate measure, not an irrelevant one. That's why I said that updates to CPI have been suggested, but haven't been implemented.
OK this is an academic discussion better left to economists. And as far as I know a majority of them are happy with either core or median CPI. If the consensus changes then we can talk, but as long as changing CPI is only heard from fringe economists (same goldbug anti-Fed crowd) and political activists it is just not credible.

Quote:
House prices have returned to historical levels. But when demand is low, people don't just start buying them. They need to drop further. I'd consult Robert Shiller who runs the Case-Shiller indices on house prices.
How far do the prices have to fall? When is it too much depreciation? Or is there anything like that at all? This view is most widely known as real business cycle theory which has been greatly discredited by ... reality.
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