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by trainerxr50
350 days ago
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Exactly. It is like when people complain about the inflation rate not reflecting reality but of course haven't bothered to look at the FRED data and how incredibly granular they do go with the data. Really not even understanding that the inflation rate is an index. As if you can go more granular than Producer Price Index by Commodity: Chemicals and Allied Products: Thermoplastic Resins and Plastics Materials
https://fred.stlouisfed.org/series/WPU0662 It is like with GDP and unemployment. These are incredibly hard things to measure at the scale of the US economy. How can a thinking person not understand this is beyond me. |
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Measurement theory is not a subject taught pretty much anywhere? I have a masters in economics and the only reason I have more than an inkling of understanding of these things is via an internship at our nations statistical bureau.
You get taught to think With numbers. Thinking About numbers is pretty special! Physics, econometrics, abstract math, statistics - they force you to think About numbers. The rest is thinking With numbers.