Question

Opinion

NBER established the status of assessing economy's performance in an even controlled and suitable way. Consequently, most individuals will agree without argument what the NBER has to say about the condition of an economy. But, the public cares more about their close associates and individual conditions than the declarations of administrators and officials about the national economy. It is very difficult for ordinary individuals to tell what is going on in the economy so they have no choice but to rely on announcements made by these political bodies like NBER. The announcement of a recession by a government body like the NBER can be influential ammunition to use against one's political rivals. Therefore, it can be concluded that some significance is given to declarations made by these political bodies about condition of economy since voters have no idea what is going on in the economy. Politicians make a great deal over whether the economy is in expansion or recession as they are driven by profit motive.

Answer 1

Today people have become more aware about what is going on in the country.

They have their own opinion, and voters always goes with the political parties with which their agenda matches.

The govt agencies like Nber gives more accurate information. But it is not that people completely rely on them. People read and then analyse the condition.