Jeanna Smialek and Ben Casselman had a good piece in the NYT on the inflation of the 1970s and the differences with the current situation.  However, it left out one important part of the story. In the 1970s, actually in the late 1960s also, the Consumer Price Index (CPI) had an error in its construction More

The post Invented Inflation: A Big Part of the Real Inflation of the 1970s appeared first on CounterPunch.org.

This post was originally published on CounterPunch.org.