Saturday, October 13, 2012

A little video about economic statistics

More on the unemployment rate as a political conspiracy.  See here.   

Of course, the rate is an estimate.  Too bad people don't understand how to do statistical analysis. 


2 comments:

  1. Wow! This was some discussion. I don't think all this yelling was necessary. People need to learn to control their emotions, at least in things like these if they want others to understand. Like we have discussed before, few know what this number implies or understand statistical analysis. There is no need to make it more complicated by shouting at others.
    I don't know if there was a political conspiracy in regards to this number, but it has definitely given some positivity to the population.

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  2. Wow! There was a lot of rage in that video! A very good question was brought up though, are the statistics we see on unemployment actually true? In economic 101 they teach us that consumer expectations and perceptions are indicators of demand. With this in mind, it makes sense to publicize a lower unemployment rate so that people will be more optimistic towards our economy and more inclined to spend. This video makes me worried that more stats than just the unemployment rate are being slightly fabricated. Since the video didn't really explain if were seeing a true unemployment rate, I would be very interested in hearing more about how these stats are derived.

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