006 - The Mismeasure The of Man & Macroeconomics

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The Mismeasure The Mismeasure of Man of Man Macroeconomics Macroeconomics ECO 473 - Money & Banking - Dr. D. Foster
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Why do we measure? Economic problems are real ! There must be government action ! There must be government oversight ! There must be government control ! Policy (action/oversight/control) requires data ! Policy requires data?
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The Role of Theory Why do problems develop? Is it the market? Is it outside the market? Is it the government? Keynes - Markets fail to channel savings into investment . . . Austrians - Gov’t manipulates interest rates and distorts economic production; bubble bursts and liquidations ensue . . .
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Output (GDP) National Income Accounts What are we really measuring? How much is non-market? When is + good? bad?
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The Consumer Price Index Detailed table Some structural changes FAQs What are we really measuring? What is an “average price?”
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006 - The Mismeasure The of Man & Macroeconomics

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