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Blog
The Dismal Science
May 15, 2007
I'm not sure why they call economics the dismal science. I have a degree in economics and most (not all!) think I turned out okay. But, it is my experience that purchasing pros are not as up on economic issues as they need to be. Sure, we might listen to the finance news on the drive home or look at the business section of the newspaper, but in general understanding the intricacies of supply and demand and their associated equilibrium points might not elicit excitement. Yet, it is dramatically important to the work that we do.
Many of our contracts link pricing to indexes such as the Producer Price Index (PPI) and the Consumer Price Index (CPI). One great resource to learn all about things like the PPI and CPI, along with other important economic data, is the U.S. Government's Bureau of Labor Statistics. This may not be the prettiest site, but it is quite valuable and breaks complex subjects down well.
Dismal? Never. Boring? Sometimes. Necessary? Always.
Posted by Richard G. Weissman on May 15, 2007 | Comments (0)