-Urgent-1 page reflection paper-Economics,

Paper details:

Write a reflection of the article I attached. This chapter discusses how the consumer price index (CPI) is constructed and how it is used to calculate the rate of inflation. Our textbook does not discuss the alternative CPI measures but there are readings on the course website that go into the pros/cons of some measures. The Bureau of Labor Statistics compiles many price indexes including the CPI-W (consumer price index for urban wage earners and clerical workers), the CPI-U (consumer price index for all urban consumers), Core CPI (consumer price index with high volatility prices, such as food and energy, excluded), C-CPI-U (chained CPI for all urban consumers with weights updated monthly), CPI-E (consumer price index to allow for consumption patterns that differ for the elderly). The text also discusses the debate on whether or not the CPI overstates inflation. Currently Social Security payments use the CPI-W for indexing; in his first term President Obama proposed
indexing Social Security payments to a chained CPI which would lower the cost of living adjustment; this measure did not pass. There was much debate on this issue at the time and Social Security indexing continues to be a topic with different points of view.

Inflation is one of the most misused words in economics. The authors of our textbook caution about this misuse of the concept of inflation ? a change in the overall price level vs. change in relative price of specific goods or services. Depending on the type of change, policy makers should implement different remedies; if anti-inflationary policies are implemented for a change in relative prices of specific goods, the economy could be hurt. Read an article on the website and add to the discussion on inflation and the use of the CPI.

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