21 Apr, 2013
It’s an old numbers game. What if they’re wrong? – The Washington Post
As the U.S. budget wars repeatedly demonstrate, GDP (gross domestic product), unemployment, inflation and trade statistics determine how the government spends (or does not spend) trillions of dollars. These numbers also shape whether large businesses invest or don’t, and whether small businesses spring to life or remain ideas to be acted on later.
Our debates, however, are based on a simple assumption that the set of numbers we use to measure the economy are accurate, or at least close enough. But what if they aren’t? What if we are making powerful assumptions about the economy based on statistics that are at best half-right?
Read the rest: It’s an old numbers game. What if they’re wrong? – The Washington Post.
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