All Commentary
Wednesday, August 17, 2011

Government’s Economic Growth Stats Unreliable


“The [economic] growth rate that the government announces roughly one month after the end of each quarter — news much anticipated in Washington and on Wall Street — has been off the mark over the period from 1983 to 2009 by an average of 1.3 percentage points, compared with more fully analyzed figures released years later, according to federal data. The second and third estimates, announced at subsequent one-month intervals, are no more reliable.” (New York Times)

“Mr. Keynes’ aggregates conceal the most fundamental mechanisms of change.” –F. A. Hayek

FEE Timely Classic
“Laissez Faire as a Development Policy” by John Semmens