tag:blogger.com,1999:blog-2761684730989137546.post1393380836778540449..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Ed Dolan — Deconstructing ShadowStats. Why is it so Loved by its Followers but Scorned by Economists?mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-40556600687463156122015-03-31T13:04:15.054-04:002015-03-31T13:04:15.054-04:00"Do you believe those numbers?!?!?!!""Do you believe those numbers?!?!?!!"Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-20238476243370209852015-03-31T12:12:41.990-04:002015-03-31T12:12:41.990-04:00As I recall, a major criticism that Williams makes...As I recall, a major criticism that Williams makes in changing the goal posts by redefining the index. then the new index is used as if it producing the same output as previous versions, so that historically the graph is shifting although it really the index that is changing. <br /><br />This is an issue in using historical data uncritically in economic comparisons, as MMT economists often point out. It's easy to be confused if the name is the same, even though the context is different and therefore the meaning, too.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11910588389450904842015-03-31T11:55:34.724-04:002015-03-31T11:55:34.724-04:00That was an excellent article, and demonstrates cl...That was an excellent article, and demonstrates clearly how Williams' calculations are off base. But I think Williams is on to something in spite of his methodological flaws. To quote Dolan:<br /><br /><i>"...He [Williams] argues that the BLS has adopted methods that produce low inflation indicators, but not for motives of short-term partisan politics. <b>Rather, he sees the choice of methodology as driven by a longstanding, bipartisan desire to reduce the cost of Social Security and other inflation-indexed transfer payments.</b> It would be hard to deny that he is at least partly right about that motivation."</i>Malmo's Ghosthttps://www.blogger.com/profile/01072599785196733846noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-82810912035993421562015-03-31T11:25:56.429-04:002015-03-31T11:25:56.429-04:00The people who follow ShadowStats are the same loo...The people who follow ShadowStats are the same loonies who follow Peter Schiff and Alex Jones. Conspiracy theorists and other cult like personalities. <br /><br />It's the ONE time I might give some credit to economists (who mostly don't deserve any credit at all) only because they don't follow this shit.mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.com