Homines libenter quod volunt credunt
Posted in Uncategorized on Mar 14th, 2008
The following chart plots the price of gold, wheat and a broad commodities index against the general price level in the U.S. since January 1975. The plot is showing percentage deviations from the 1975-2008 average – I would have used a longer time series if I had time and money.
Posted in Price System on Feb 28th, 2008
I was recently asked to put in perspective what will happen to Americans from the large recent increases in world wheat prices. Below are some partial thoughts. Most of the following national data comes from a government report called the Consumer Expenditure Survey (CEX). Before presenting some basic statistics on household food consumption, it is […]
