“Good news” from the Obama administration. Unemployment fell from 10.2% to 10%! According to the Wall Street Journal, unemployment fell despite the fact that there was a net loss of eleven thousand (11,000) jobs in November. Only in modern, mainstream economics can there be a net loss in employment, and yet a decrease in unemployment. [...]
Posts Tagged ‘Statistics’
Don’t Be Fooled by GDP
Third-quarter data for 2009 is misleading, because most of the growth in GDP is only temporary and will cost us the same, or more, in the near future. Economic prognostics should not be based on GDP data, but on sound economic theory.
Positivism, Statistics and Questionable Accuracy
Scholars who rely on empiricism should take more time to review the accuracy of their statistics, otherwise they risk spreading false information, and as a result false conclusions. This could lead to severely damaging effects on general economic thought and theory.