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Estimating inflation is a tricky and complex task. In the United States, the government's Bureau of Labor Statistics sends testers to stores to record the price of everything from cheese to tires, and surveys consumers over the phone about what they spent on gas and funeral services. Amazon thinks it could do it better. With help from outside researchers, the company's economists are working on a way to measure inflation using thousands of transactions across its own platform. Automatically analyzing product descriptions allows them to better assess the quality of a dress or a juicer or a bathmat, theoretically creating a more accurate, up-to-date index of how much things cost.
Inflation numbers are heavily politically motivated. I understand Amazon wants to have their own numbers so they can make more informed decisions.
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Monopolies will have to go to reduce industry concentration and enhance competition
Let’s hope they weren’t classmates of AOC.
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Source: BusinessInsider - 🏆 729. / 51 Read more »