For Thursday, Feb. 4th, read chapter 7.
(If you were out on Wednesday, please get notes from classmates on inflation)
For those who missed class today: get notes on inflation from your peers. We answered these three questions:
1. Explain how the current US tax system levies taxes on capital gains and earned interest. What does this mean for the costs of inflation?
2. Does inflation always cause workers losses due to decreases in real wages? Why or why not?
3. What is a GDP deflator? Why do some economists consider the GDP deflator to be a better measure of overall inflation than CPI?
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