2021-02-12 Meeting notes
- Elisa Kendall
Date
Attendees
Agenda
1) Use Case reminder
2) Where we are on our road map.
3) Open Action Items
4) JIRA Issues Review - https://jira.edmcouncil.org/projects/IND/issues/IND-17?filter=allopenissues
5) Todays content discussion.
SMIF OWL-UML
SKOS
RDF/S
6) For next week.
Proceedings:
Continued the discussion from a few weeks ago of how we model a basket, and whether we have sufficient coverage of the distinction between a basket used as input to the CPI, as opposed to a basket of securities. The fixed basket used as input to the CPI is really more of an indirect thing, in which the change in price is what is important, whereas baskets of securities are more directly applied.
For CPI the basket is different from the basket for PPI, and they are broken down differently. They both use the concept of a fixed basket, and they are fixed because NAICS is fixed and the product classification is fixed. So in that sense they stay fixed, though the products themselves change all the time. And, this is an issue with CPI - individual items may change and so how can you compare the prices ... it reflects how people are buying things ...
Should add a synonym of 'basket of goods and services' to fixed basket in economic indicators.
we could use term BasketOfGoods which is what CPI uses at least here https://www.investopedia.com/terms/b/basket_of_goods.asp