More Statistical Misinformation

Posted: April 8, 2014 in Geo Politics, Statistics, Uncategorized
Tags: ,

symbols

If you want to tell a lie to the masses, use statistics.

If it can be quantified, then the qualitative may not matter.

Change the numbers – change reality, change the world

Please see my earlier post on this subject for more thoughful context

These two articles highlight further recent developments which have changed our understanding of economic reality. Some of the changes are quite stark – the size of the UK and Nigerian economy is much higher than previous understood – the reason: the measurement has changed.

Everything we thought we knew about the economy is wrong

Nigeria re-bases GDP to become Africa’s largest economy

Much of what we thought we knew about not just the past few years but probably even the past few decades will be swept away. Thousands of books and research papers will become obsolete, as will hundreds of thousands of news stories. Correlations and connections we thought existed will vanish, and it will be fascinating to see what exactly happened to the recession, subsequent recovery and the much-debated productivity shortfall.

 

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