NPR.

One of the most talked about indicators in America today comes from the consumer price index.

You know that metaphorical basket of goods and services economists use to track inflation?

Well, today the CPI shows inflation increased 7.7% in the past year.

And that is actually good news because, well, stuff is getting more expensive.

It is happening a little more slowly than it was a month ago.

But lately we have been wondering, if the CPI shows changes in the price of stuff we buy,

how does it account for the fact that the stuff we buy also changes over time?

For example, how can you possibly compare the price of like a brick phone from the 90s

with the latest smartphone?

It turns out economists have a trick for this and it's called hedonic adjustment.

So hedonic comes from the Greek word for pleasure.

So today on the show, do someone say pleasure?

Oh, who are you?

I'm Haydona, daughter of arrows and psyche.

Oh, MJ, I think I learned about you in school.

Then you know that I am the goddess of pleasure, enjoyment, delight.

Wow, are you going to help us explain how economists account for pleasure in inflation?

No, no, that sounds boring.

How about instead we just relax, maybe have a drink.

You seem really stressed.

I mean, maybe a little bit.

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