What I like about economics is that it deals with real-world issues, and many times we experience firsthand a topic discussed in textbooks. Take the recent inflation, for example. This may be your first experience with high inflation. I am sure you noticed prices going up at restaurants, supermarkets, and the gas pump without having to read about it in the newspaper.
I, for one, can confirm that the inflationary pressure in the rental housing market in the Washington, D.C., area is real. While we have all experienced prices going up, it’s challenging to measure inflation itself and its consequences.