This is even better

It fuels the prices of the goods only the wealthy, in the main, but but which are in inflation indices, like second hand cars, and fripperies.

Second hand cars are fripperies only for the rich are they?

17 thoughts on “This is even better”

  1. The “rich” are buying second hand cars, often because of the difficulty of buying the new ones they would prefer. This is a direct result of the pandemic lockdown where the sudden drop of purchases caused car manufacturers to cancel their orders and not coming back till after the chip manufacturing capacity had been allocated to other producers

  2. This is simply too good to be true

    I have been noting every 10,000 additional Twitter followers since September 2020, when I reached 60,000 after more than a decade on that site. The number has more than doubled since then. 30,000 have been added since early February.

    Why note this? Simply because I am campaigning for alternative economic thinking, and it’s good to know that some people are noticing.

    The trolls are. I let the odd example on, but many more get deleted right now for offering irrelevant, inane comment, after which they then claim I deny them their right to freedom of speech. That is, of course, pure nonsense. They are free to run their own blogs. This one is for those who want a better, fairer, world.

    Given he has blocked 20,000 people – impressive stuff. You can’t deny a blog which thinks Zimbabwe and North Korea are examples of economies to emulate is ‘alternative thinking!

  3. Meanwhile, VP, Elon’s desperately trying to get Twitter to tell him how many of its “users” are really Python scripts.

  4. “Python scripts”

    Very nice choice of words. The twitter takeover has become too silly.

  5. In 2017 I bought a 15-year-old car for £450 (1100cc Corsa). Last week I bought a 15-year-old car for £900 (1100cc Mistubishi). It was that or turn down employment.

  6. On similar lines, I nerdily keep records of all my spending. My food spending has been:
    2013/14 £26.11pw
    2014/15 £17.52pw -33%
    2015/16 £20.42pw +17%
    2016/17 £26.13pw +28%
    2017/18 £20.28pw -22%
    2018/19 £24.50pw +21%
    2019/20 £24.73pw +1%
    2020/21 £21.18pw -14%

    Bounces around all over the place, and swings so much you can’t really read anything into it. “Down 25% since 2013!”? “Up 21% since 2014!”?

  7. This is why economists find the concept of “core” inflation (core RPI, CPI, PPI, any of the inflation measures) interesting. Take out food and energy. Because they do bounce around. We do indeed often see deflation as well as inflation in both those prices. So they’re not good guides to the underlying rate – even as they contribute to it.

  8. The cookingonabootstrap site of Jack Monroe is both fun and interesting. She’s been logging the cost of the ingredients for 7 years or so. It would be interesting to ask her permission to scalp the data and to work out a boot strap ingredient inflation index.

  9. That would be fun. Because she recently caused a fuss over how inflation was hitting the poor harder (budget lines disappearing). So, it would be fun to use her own data to test, yes.

  10. Last time I could be bothered to check, you could buy 10,000 Twitter followers for $50.

  11. She’s the idiot that wrote a piece on the BBC some years ago suggesting that buying potatoes in a can was cheaper than buying them loose. When its blatantly obvious to anyone who can count that the cost of the former by weight is far greater than the latter. When I complained to the BBC that this was misleading I eventually got a reply saying ‘No it isn’t because a can of potatoes is cheaper than a bag of loose potatoes’. Which might be a valid point if your benefits were paid daily and thats all the cash you had to buy your daily food needs. As benefits are paid at least weekly and now mostly monthly, that argument is utterly invalid.

  12. @Jim… The BBC’s approach to spuds is similar to that of when they were screaming that “Alcohol is cheaper than water!!” – it is, but only if you compare piss-weak “own brand” lagers with upmarket “sophisticated” bottled waters.

  13. “Alcohol is cheaper than water!!”

    Good god, you mean I can get 1000 litres of alcohol for less than £1.40 as per my water bill? Sign me up!

  14. Managed a review of The Bank of England’s latest here:

    ‘a very well written primer on common economic myths and misconceptions, easily accessible to the generalist reader. The negative review on here is particularly misleading as the book directly challenges his profound and dangerous misconceptions that unlimited quantitative easing is feasible, let alone desirable. I do think there could be some revisions to a future edition perhaps but it’s a welcome antidote to the fantasies of ideologically motivated purveyors of the idea that money can be printed ‘ad nauseam’ without adverse consequences. It’s especially timely given the current inflation largely caused by the discredited ideas of the likes of the one star reviewer here.‘

    Murphy is the lead one star reviewer…

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