Friday, September 08, 2006
More on Who's Getting Richer
There's a really excellent post by Russell Roberts at Cafe Hayek today on the cost of living versus the standard of living related to the recent flurry of pontification on stagnating median incomes. There's no particular excerpt that does it justice, so I'll just heartily endorse it and provide the link.
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2 comments:
Not only are most people unaware of the measurement difficulties described by RR but they are unaware of the uselessness and misrepresentation of seemingly straitforward data such as the reported savings rate. The world changes and old accounting constructs that were once ok can become downright misleading! You've got to know what's in the sausage of economic data to judge its' meaningfulness.
Or, more accurately, to judge its meaninglessness. I wish Russell Roberts had focused even more on that, but it was a far better analysis than most, IMHO.
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