The idea behind hedonic price index calculation is to incorporate quality changes into prices. This way, a product may be on the market at a higher price, but when the product qualities have augmented more than the price in the eyes of the BLS, it will calculate that the price of this product has actually fallen.
Recorded at the Mises Institute on 15 June 2005.
Recorded at the Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-18-2005
The alarm raised by mainstream economists that corporate cost cutting will undermine the real foundation of the economy is based on a flawed view of the essence of savings. On the contrary, writes Frank Shostak, cost cutting is an important means in correcting previous erroneous decisions so that real wealth can be generated again.
Doctors and patients fed up with the current medical system are negotiating something entirely new, and the AMA is very unhappy.
California's Third World-style energy crisis is a symptom of a deeper problem: pervasive economic ignorance that starts at the top. Thomas DiLorenzo reports.
Have another look at that subtitle. It suggests that readers of Foundations of Austrian Economics are in for a long haul, and I fear that expectation is correct.
Mises University is the world’s leading instructional program in the Austrian school of economics.
