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However, prices of things not made of widgets, most notably college education and health care, have shot up.
TIPS, he noted, are indexed to the Consumer Price Index "and reflect prices of things like bread, cars and airline tickets".
I've never really understood this argument, but even if we do exclude the prices of things like gasoline and electricity, there is little indication that inflation picking up.
Because this would lead to an increase in the supply of menial labor, driving down the prices of things middle-class Americans buy and raising their real earnings.
Now whenever there's even a rumour about an increase in the price of fuel, you go to the market and the prices of things just shoot up.
The World Bank reckons that if you free up agricultural trade, the prices of things poor countries specialise in (like cotton) would rise and developing countries would capture the gains by increasing exports.
Similar(40)
Mr Summers points out that prices of things-made-of-widgets have fallen remarkably in past decades; America's Bureau of Labour Statistics reckons that today you could get the equivalent of an early 1980s television for a twentieth of its then price, were it not that no televisions that poor are still made.
Their price instead rises, relative to the price of things that can come in from overseas.
The price of things came to be determined largely by how easily they could be financed.
It is not often that we have the price of things put in such clear terms.
The logic is that central banks should ignore one-off changes in the price of things they cannot control.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com