🧵 1. Economics stats vs reality: struggling restaurants, soaring costs, job insecurity. Macro stats disconnect. Why do we need them? #finance
🧵 1. Economics stats vs reality: struggling restaurants, soaring costs, job insecurity. Macro stats disconnect. Why do we need them? #finance
🧵 2. Data collection boomed a century ago for govt planners to control economy. But reality shows markets ride the man. Stats don't align with truth.
🧵 3. 1930s saw rise of data collection to smooth business cycles. Govt imagined control but in reality, markets dictate outcomes.
🧵 4. Governments aimed to control markets with levers like fiscal & monetary policies. But truth reveals markets dictate flows, not interventions.
🧵 5. Loss of faith in stats mirrors wider mistrust in science. Economic reality contradicts ideal vision. Stats fail to capture true market dynamics.
🧵 Read more at: https://www.zerohedge.com/economics/failure-economics-statistics