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is there any measurement of the economy that can be trusted?

  • 08-02-2009 12:41pm
    #1
    ionix5891
    Closed Accounts Posts: 1,033 ✭✭✭


    I am after reading this article here

    http://www.harpers.org/archive/2008/05/0082023

    To summarize various economic yardsticks are distorted due to years of manipulation from politicians

    So that leads me to few questions:

    * is there any measurement of the economy that can be trusted?

    * If the above article is correct then we are in a bigger hole that we think (or made to think)? think of the graphs posted in parallel threads here if they are based on distorted stats then these graphs are off

    discuss..


    .


Comments

  • #2
    silverharp
    Registered Users, Registered Users 2 Posts: 18,611 ✭✭✭✭silverharp


    you might need to repharse your question, are you talking about the US?
    although interesting sbject. Some of the US measures are questionable.

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



  • #3
    ionix5891
    Closed Accounts Posts: 1,033 ✭✭✭ionix5891


    I assume (no i didnt research into it yet) that here in EU we would be in a similar boat

    for example house prices not being counted into inflation figures

    but yes the article deals with US, last I checked Ireland was a mini-version of what was happening there with our own Irish twists?


  • #4
    nesf
    Registered Users, Registered Users 2 Posts: 27,645 ✭✭✭✭nesf


    They can all be trusted so long as you are aware of their limitations. Headline inflation figures don't capture all prices so you need to look at other measures (like house price indexes) to get an overall picture of the economy. The problem comes from where people are naively interpreting figures without being aware of what the figures do and do not measure.

    Where the biggest problem is is where the media that relay these numbers to the public don't use people who can accurately discuss them. It's the media's job to keep the Government honest and if their economic coverage (which during the last decade was pretty poor or naive a lot of the time) isn't up to scratch then there's a serious problem.


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