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The point here is that there may well be other interesting information in the price/quantity data than the consumer price index.
But, just like GDP (which is also a useful measure) isn't the be-all-end-all measure of economic development, the CPI isn't the be-all-end-all of price indexing.
If you only spend 20 minutes of the rest of your life on economics, go spend them here.
Were we to classify disciplines by the intellectual approaches employed, economics does not belong in the social sciences. What science starts off with axiomatic assumptions that are presented as self evident and are beyond questioning? Example: "Inflation is everywhere and always a monetary phenomenon." Then consider a situation where simultaneously the creation of all money tokens is stopped and foodstuffs along with energy products become exceedingly scarce, such as after a nuclear exchange or the impact of a large asteroid. One can see that the price of food and energy will go up, but it is not because of the money. Nor can the problem be solved by applying any monetary manipulation that does not produce more food or energy. So obviously the axiom on which monetarists base their analysis is falsifiable. Economics, as currently practiced, should be in the religion departments.
As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
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