Blog: Can We Trust the Inflation Data?

We live in an era that is not only awash with data, but also compilations of said data into indices. The rise of indices is likely related to the scientific revolution's obsession with measuring everything. Objective data is crucial to the scientific method. Today we have many indices we take for granted. The temperature scale, after all is an index whether its Fahrenheit or Centigrade. Physical indices are usually very specific which makes them useful for precise calculations, and quantifying physical relationships. The relationship between temperature and pressure, for instance, can be accurately calculated and predicted based upon indices used for their measurement.