Economics is hard

How are economic statistics collected? Do economic models correspond to observable reality?

In a world where markets and politicians respond strongly to things like gross domestic product (GDP) figures and economic forecasts, these are important questions. Unfortunately, discussion often jumps directly to the interpretation of new data or the output of models. Students are rarely challenged to question what the data and the models represent.

I recently came across two great articles that dig into these issues. Continue reading “Economics is hard”