If one person tried to paint an optimistic picture of current economic conditions and the other tried to paint a pessimi...
If one person tried to paint an optimistic picture of current economic conditions and the other tried to paint a pessimistic picture of the same conditions, could they both succeed? Why does knowing about limitations of economic data helps protect us from being misled by such people?
Homework Answers
They could succeed, but with a probability. For example, a person putting optimistic picture can claim it to happen with probability of .5 and person putting pessimistic picture of economy can claim it to happen with probability of .5. Finally, a result will come where a mediocre economy will take place. Here, both of the person are neither getting a failure nor success, rather they have claimed the economic outlook with probability. It makes them succeed in a limited way.
Understanding of the limitations of
the data, helps us know its actual behavior, lagging or leading
nature of the impact made by the data and its dependencies upon
other qualitative factors. On the basis of detailed understanding,
the claims made by these people can be counter questioned and
verified. It will make these people refrain from making exaggereted
claims. Further, there are causal relationship between different
macroeconomic indicators. It tells the truth and it can be verified
with what the claims made by these people. So, it saves us from
these misleading people.
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If one person tried to paint an optimistic picture of current economic conditions and the other tried to paint a pessimi...
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