The publishing of critism

Reader comment on: Shlaes on Inflation

Submitted by David Lund (United States), Jul 18, 2014 20:18

A person publishing a critique should be more careful. First, he made a tremendous math mistakes. The increase is 317% not 417%. He also made inappropriate representations of numbers. The 317% should have been 8% increase per year and the 25% difference is meaningless as both numbers are so close to zero. He could have used 0.24% difference in their measurement of prices and been closer. He used a gorilla example with the price of a newspaper as it has been the poster child of legitimate substitution affect. He used two food items to show near term inflation. There core rate of inflation doesn't include food for a reason and eggs have had really low inflation for the last century. Agreeing with Pethokoukis and Krug man that the main stream media is alarmed by movements from 1% to 1.5% inflation shows their point. He missed Pethokoukis point that radio gold bugs were preaching that inflation is currently near 5% vs. 2% a statement I doubt shared by Fisher or Paulson. Using a Picket quote of a near 5% threshold is either dishonest because looking at possibly getting to 3% using the government's numbers in a bad case scenarios or dishonest because picketty's quote has nothing to do with government sceptics persistent higher inflation that is currently near 5%. Are there long term inflation concerns and problems with government inflation measurements? Yes, but as long as people like Fisher and Yelled are on the FED, I won't be to worried about when we are at historically low inflation.

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Title By Date
Call it whatever you want? Who cares.. [84 words]JHXJul 19, 2014 22:45
gas prices? [9 words]laughJul 19, 2014 13:41
You won't see what you never look for. [72 words]Scott BJul 19, 2014 12:15
Agreeing with Krugman [14 words]Robert LukitschJul 19, 2014 07:48
Shlaes conclusions confirm EVERYONE'S personal experience [188 words]epaminondasJul 19, 2014 05:58
⇒ The publishing of critism [257 words]David LundJul 18, 2014 20:18
The publishing of critism [257 words]David LundJul 18, 2014 18:51
Shallow [38 words]jim haugheyJul 18, 2014 18:11
Economic Revisionism [39 words]Max PlanckJul 18, 2014 17:46
Shlaes is an economic naif [41 words]Paulie the KJul 18, 2014 17:45
Cost of Living vs CPI [110 words]Paul from SAJul 18, 2014 17:36
aren't you cherry picking? [100 words]Paul JJul 18, 2014 17:04
Long vs short [139 words]RockyJul 18, 2014 14:39
doing the math [50 words]John GillisJul 17, 2014 17:58
Doing the math correctly [45 words]Bitter ClingerJul 18, 2014 15:24
Thanks [12 words]John GillisJul 18, 2014 15:52
I blame American schools
[w/response] [65 words]
Hywel MorganJul 18, 2014 16:34
Huh? [36 words]Bitter ClingerJul 19, 2014 08:36
Mea culpa [87 words]Hywel MorganJul 20, 2014 11:46
Newstand prices [45 words]Jerry SkurnikJul 17, 2014 17:40
pocket pain [37 words]hectorJul 18, 2014 18:22

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