November 29, 2004
Thanksgiving Recap

(1) I ran the Thanksgiving Day 10k in 44:23 (7:09/mile pace) which is a good, though not great, time for me. I finished 605th out of 8923 participants. My wife ran her first-ever 10k in 1:03:10. Congrats!

Best t-shirt I saw: "The Pride Lasts Longer Than The Pain"

(2) This fellow criticizes my inflation adjustment of the Thanksgiving dinner price.

Um, so what? News flash folks: Life is not "adjusted for inflation."

But he's wrong. Life is in fact adjusted for inflation because our wages and salaries go up with (and typically by more than) inflation. The whole point of adjusting for inflation is to see if the price of something, in this case Thanksgiving dinner, is going up faster or less fast than most other things (including your wages). The fact is that Thanksgiving dinner prices have risen less than other prices (including wages) over time.

Yes, many (sometimes questionable) assumptions have to be made about how to do inflation adjustments. But to argue that there's no value in trying to do so makes no sense to me.

Btw, this is my favorite publication (.pdf) looking at the real prices of things over time. ATSRTWT.

Posted by Robert Lawson at 11:07 AM  ·  TrackBack (139)

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

Our Bloggers
Joshua Hall
Robert Lawson
E. Frank Stephenson
Michael C. Munger
Lawrence H. White
Craig Depken
Tim Shaughnessy
Edward J. Lopez
Brad Smith
Mike DeBow
Wilson Mixon
Art Carden

Blogroll

Search

Archives
By Author:
Joshua Hall
Robert Lawson
E. Frank Stephenson
Michael C. Munger
Lawrence H. White
Edward Bierhanzl
Craig Depken
Ralph R. Frasca
Tim Shaughnessy
Edward J. Lopez
Brad Smith
Mike DeBow
Wilson Mixon
Art Carden

By Month:
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004
September 2004
August 2004
July 2004

Powered by
Movable Type 2.661

Site design by
Sekimori

XML