Srecko Djarmati/Fotolia
Data decisions, such as changing the interest rate or allowing the government budget to move into a heavy deficit, are taken in response to statistics published on the economy. are the lifeblood of economics. Policy
Asking why economists bother with data is like asking why doctors take to the time to monitor a patient’s pulse or blood pressure. A racing pulse or high blood pressure indicates an illness requiring treatment. By monitoring key health indicators, medics can see if a particular course of action is improving the condition of the patient or not.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
