Price increases do not measure inflation, they only reveal its effects.

They remain an inaccurate measure, because a substantial portion of inflation is hidden by technological advances and changes in quality.

Government figures purporting to show the rate of inflation through price changes fail to take into consideration the downward pull on prices exerted by increased efficiency. Prices have increased — despite increases in productive efficiency, despite advances in technology, and despite development of new and more economic materials.

Irwin Schiff

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