Jane Galt on the 70's and the CPI. It's an interesting take on the intrisic lag CPI shows which may queer some economic modeling. I'm inclined to agree and think CPI is a useful measure but not the sina qua non that some think it is. It's one of the things that people alternately hold on high or dismiss depending upon which picture they're trying to present.

Jane's article however, focuses more on the standard of living improvments in real terms irrespective of economic data. She points to common items that were once considered luxury items beyond the reach of most Americans. She makes a very good case for how things have changed despite the economic arguements to the contrary.

Read it.

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