Why is it important to adjust for inflation when comparing nominal quantities (for example, workers' average wages)

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Why is it important to adjust for inflation when comparing nominal quantities (for example, workers' average wages) at different points in time? What is the basic method for adjusting for inflation?

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Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

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Question Posted: Dec 12, 2015 04:34 AM

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Why is it important to adjust for inflation when comparing nominal quantities (for example, workers' average wages)

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