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That my point: you can’t define how much a dollar is worth in dollars because it’s a circular definition.

You can, of course, calculate the change in price over time of a specific basket of goods (rent, steaks, corn). But there’s no reason this is connected in any way to the change in price of an entirely different basket of goods (Raspberry Pi’s).

In other words, if you try to define how much the value of a dollar has changed over time, you’ll get a different answer depending on the basket of goods you choose. So the change is clearly not inherent to the dollar.




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