by John Tamny
Forbes
If you look at the market prices of consumer goods you’ll much more often than not be blinded to inflation’s truth.
To which more than a few readers will reply that prices are precisely the way to divine inflation. Figure that the Consumer Price Index (CPI) is “the price of a weighted average market basket of consumer goods and services purchased by households,” and CPI is the commonly accepted measure of inflation by economists.
Except that there’s much economists near monolithically believe that is at odds with reality. The vast majority of economists view Gross Domestic Product (GDP) as the standard measure of a country’s economic health, but simple logic tells those without PhDs that GDP is a monument to double counting that would cause even the most crooked of accountants to blanch.