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Economic Commentary

Bad Standards

The measurement standards that we take for granted today, such as for weight, length, time, and temperature, were not always so exact. Over the years, we have come to appreciate the importance of maintaining consistent standards in our measurement of these and other subjective phenomena. Why, then, do we not demand the same rigorous adherence to a standard when it comes to our measure of value - the dollar? We should.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.

Suggested Citation

Bryan, Michael F. 1997. “Bad Standards” Federal Reserve Bank of Cleveland, Economic Commentary 10/1/1997.