Back to the Future I & II
Media Type: Film Clips Topic: Economic Growth, Money & Banking, Monetary & Fiscal Policy
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In Back to the Future I, Marty travels back in time to find goods and services are much cheaper in 1955 than they are in 1985. A movie is 50 cents and a cup of coffee costs 5 cents. In Back to the Future II, Marty travels forward in time to 2015 and we see an old timer take a flying taxicab. The fare is $174.50 and the he pays using his thumb. These two scenes show how much prices change going backward and forward through time due to inflation and the need to adjust prices from different eras into a comparable number. The consumer price index allows economists to make apples to apples comparisons for measuring economic growth.
(Clip suggestion from Ding Lu, University of the Fraser Valley, Canada)Available on iTunes Available on Amazon.com
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