|
Stigler Commission
Formally known as the Price Statistics Review Committee, the Stigler Commission was convened in 1961 to study the measurement of inflation in the United States. Headed by economist George Stigler, its mandate was to conduct research into all types of price indices, including the Consumer Price Index (CPI). Based on its recommendations, the Bureau of Labor Statistics established a price research division. The next major commission like it was the Boskin Commission The Boskin Commission, formally called the "Advisory Commission to Study the Consumer Price Index", was appointed by the United States Senate in 1995 to study possible bias in the computation of the Consumer Price Index (CPI), which is used to meas ... in 1996, which was solely focused on evaluating the CPI. Economy of the United States 1961 establishments in the United States 1961 in economics {{Econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Elsie Elizabeth (Hungler) and Joseph Stigler. He was of German descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a BA and then spent a year at Northwestern University from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. Career After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics there in 1938. He taught at Iowa State College from 1936 to 1938. He spent much of World War II at Columbia University, performi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Price Index
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time. Overview A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index. It is one of several price indices calculated by most national statistical agencies. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e. adjust for the effect of inflation) the real value of wages, salaries, and pensions; to regulate prices; and to deflate monetary magnitudes to show changes in real values. In most c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau Of Labor Statistics
The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System. The BLS collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor representatives. The BLS also serves as a statistical resource to the United States Department of Labor, and conducts research measuring the income levels families need to maintain a satisfactory quality of life. BLS data must satisfy a number of criteria, including relevance to current social and economic issues, timeliness in reflecting today's rapidly changing economic conditions, accuracy and consistently high statistical quality, impartiality in both subject matter and presentation, and accessibility t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boskin Commission
The Boskin Commission, formally called the "Advisory Commission to Study the Consumer Price Index", was appointed by the United States Senate in 1995 to study possible bias in the computation of the Consumer Price Index (CPI), which is used to measure inflation in the United States. Its final report, titled "Toward A More Accurate Measure Of The Cost Of Living" and issued on December 4, 1996, concluded that the CPI overstated inflation by about 1.1 percentage points per year in 1996 and about 1.3 percentage points prior to 1996. The report was important because inflation, as calculated by the Bureau of Labor Statistics, is used to index the annual payment increases in Social Security and other retirement and compensation programs. This implied that the federal budget had increased by more than it should have, and that projections of future budget deficits were too large. The original report calculated that the overstatement of inflation would add $148 billion to the deficit and $ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United States
The United States is a highly developed mixed-market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. US share of Global economy is 15.78% in PPP terms in 2022. The United States has the most technologically powerful and innovative economy in the world. Its firms are at or near the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. The U.S. dollar is the currency of record most used in international transactions and is the world's foremost reserve currency, backed by the nation’s massive economy, stable government, extensive natural resources, highly advanced military, its role as the reference standard for the petrodollar system, and its linked eurodollar and la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1961 Establishments In The United States
Events January * January 3 ** United States President Dwight D. Eisenhower announces that the United States has severed diplomatic and consular relations with Cuba (Cuba–United States relations are restored in 2015). ** Aero Flight 311 (Koivulahti air disaster): Douglas DC-3C OH-LCC of Finnish airline Aero crashes near Kvevlax (Koivulahti), on approach to Vaasa Airport in Finland, killing all 25 on board, due to pilot error: an investigation finds that the captain and first officer were both exhausted for lack of sleep, and had consumed excessive amounts of alcohol at the time of the crash. It remains the deadliest air disaster to occur in the country. * January 5 ** Italian sculptor Alfredo Fioravanti marches into the U.S. Consulate in Rome, and confesses that he was part of the team that forged the Etruscan terracotta warriors in the Metropolitan Museum of Art. ** After the 1960 military coup, General Cemal Gürsel forms the new government of Turkey (25th government). * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
