Commenter Morgan Warstler keeps insisting that I’m dense because I don’t see the glorious digital revolution, which is transforming our lives and dramatically raising living standards. If only I could see that the actual price level is falling, if we took account of all the free goodies provided by the internet. Here’s me and then Morgan’s response:
“Morgan, OK, tell me how fast real consumption is rising, to within 3 decimal points. Show your work.”
Sure!