“As the economy becomes increasingly complex and service-based rather than goods-based, it’s crucial that our statistical architecture keeps pace — and it clearly isn’t doing so.” — Felix Salmon: How macroeconomic statistics failed the US
More:
Increasingly the economists in the government who craft the policy responses to macroeconomic developments are working on a GIGO (garbage in, garbage out) basis. That, in turn, means more bad responses, more bubbles, more recessions, and in general more macroeconomic volatility. The world is getting messier — and we don’t even have a good basis for measuring just how messy it is, any more.
pic from glitchnews
