Note — Sep 23, 2018

We’re Measuring the Economy All Wrong

Nothing specifically new but includes a bit of background on where unemployment rate and GDP numbers come from and how they don’t represent “normal people’s” lives.

The trouble is that a handful of statistics dominate the public conversation about the economy despite the fact that they provide a misleading portrait of people’s lives. Even worse, the statistics have become more misleading over time. […]

It should instead change and expand the ones that are already followed closely. Doing so could force the media and policymakers to talk about economic well-being at the same time that they are talking about economic indicators.