It doesn’t do us a lot of good to know what our economy would be “worth” to someone from Year 0.
I disagree with this specifically for the use-case of thinking about the future. If we want to know what the future will look like to us, and we want to figure that out via extrapolation, then we need to ask what the present would look like to past people.
You’re basically talking about net present value at that point, again viewing the present as the correct valuation context. Past people not needed. Maybe “training” our extrapolation paradigm on the past people problem could lead to a better approach, but I don’t see why a priori. You get more mismatch between the training and test set. And that’s not even what we are doing here with price-adjusting an aggregate.
I disagree with this specifically for the use-case of thinking about the future. If we want to know what the future will look like to us, and we want to figure that out via extrapolation, then we need to ask what the present would look like to past people.
You’re basically talking about net present value at that point, again viewing the present as the correct valuation context. Past people not needed. Maybe “training” our extrapolation paradigm on the past people problem could lead to a better approach, but I don’t see why a priori. You get more mismatch between the training and test set. And that’s not even what we are doing here with price-adjusting an aggregate.