At 2:50, Stiglitz says the chain-weighted index would indicate higher inflation than the (old standard) Laspeyres index. In fact, just the opposite seems to be true, according to sources I looked up. What is the truth of the matter?
I don't blame you. Given the anachronisms of Stiglitz's story (yarn?) and the venue (MSNBC) on which it was presented, I wouldn't try to defend the quote either.
@Thinkerbell Nor am I responsible for the abysmal standard of US media. However, i would be surprised if Stiglitz was that far off. A Bubba was known for his respect for Economics (among Presidents anyway) So maybe it was a different shift in method refered to.😷
"Nor am I responsible for the abysmal standard of US media."
Indeed you aren't. But did Stiglitz (and you) have to pick the very worst left-leaning US cable medium? It doesn't help the credibility of his story (yarn?).
"So maybe it was a different shift in method refered to."
I allowed (six comments above) for the possibility of Stiglitz having had a senior moment when he told his Clinton story.
"Again, I am not convinced that the chained CPI was indeed bad for Clinton, or if Stiglitz is misremembering, and is referring to something else that may actually have been bad for Clinton."
I wouldn’t say stiglitz is my superhero among economists but he is way up there. I’ve had the opportunity to speak to him and get his take on China and it’s industrial policies and how the USA should respond. His insight was very helpful to me.
He says that confidence in the US economy will erode - that has already happened.
It’s already as if some parents were allowing their very young children to run the household finances, and now they’ll need to simply accept whatever their children tell them is happening… right until the bank takes the house.
@PicturesOfABetterTomorrow OK. You caused me to dive deep and I admit you have me. I deeply apologise. On finding Wolffs Bio, I am looking at a different person entirely. At this moment I have no idea the name of the person I was referring to. But it was definitely not Richard Wolff. I will have to go hunting for the name of the person I was thinking was Richard Wolff..😷
