“Cowen seems to use it indiscriminately to refer to increasing costs in general – which I guess is fine, goodness knows we need a word for that”—the word _is_ inflation. Maybe averaging is not the best way to get the real inflation, but wages are calculated as if it were?
“Cowen seems to use it indiscriminately to refer to increasing costs in general – which I guess is fine, goodness knows we need a word for that”—the word _is_ inflation. Maybe averaging is not the best way to get the real inflation, but wages are calculated as if it were?