Inflation: a thing that doesn't really exist
Well OK, saying that such and such a thing is really treading on unsteady epistemic grounds. What does it even mean for a number to exist or not exist anyways? One position that you can take is that things that can be directly measured, like a person's height, exist; but that things that can't be measured, like their height in inches plus their age, aren't things that really exist. And though people tend to treat and talk about inflation as one of the former, it really matches the later category much more closely. The indomitable Google lists inflation as being "3: A general increase in prices and fall in the purchasing value of money". That's all well and good, but there's never any general level of prices that you can directly observer. You always have to combine the increases and decreases in various prices with some system to produce something you can call a general level, and the process is actually very straightforward. First, there i...