Fwd: [BATN] Bay Area gas at record high; experts cite ethanol
Thu, 13 Mar 2003 15:23:02 +0000
Joseph S Barrera III:
>I understand your point, but a price is a price, and an
>inflation-adjusted price is a bit of an abstraction.
>Sort of like asking whether the cheese on the counter
>is REALLY the moldiest it's ever been, adjusting for
>how many days it's been on the counter, or if it's JUST
>the moldiest it's been in terms of absolute grams of mold.
Likely, we're arguing semantics, and I scrupulously
try to avoid debates over how high is high. That
said, your analogy is wrong. Constant dollars are
the closest thing we have to absolute grams of mold.
It's tempting to think "a dollar is a dollar is a
dollar." The word is the same. But it just ain't so.
Now yes, dollars ARE an abstraction. That's true
whether we are talking about 2003 dollars or nominal
>In other words .. 1980 dollars and 2003 dollars are actually the same
Only if you have a time machine.
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