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Statistics, when used in a misleading fashion, can trick the casual observer into believing something other than what the data shows. That is, a misuse of statistics occurs when a statistical argument asserts a falsehood. In some cases, the misuse may be accidental. In others, it is purposeful and for the gain of the perpetrator.
Though all three graphs share the same data, and hence the actual slope of the (x, y) data is the same, the way that the data is plotted can change the visual appearance of the angle made by the line on the graph. This is because each plot has a different scale on its vertical axis. Because the scale is not shown, these graphs can be misleading.
This can lead to misleading characterizations of economic well-being if the income distribution is heavily skewed toward the high end, as the poorer residents will not directly benefit from the overall level of wealth and income generated in their country (their purchasing power can decline, even as the mean GDP per capita rises). GDP per ...
Most investors heaved a sigh of relief when the nation's gross domestic product, a broad measure of economic activity, rose 3.5% in the third quarter, signaling that the recession had ended. But ...
A basic guide to how the health of the economy is measured, and why that calculation matters.
The origin of the phrase "Lies, damned lies, and statistics" is unclear, but Mark Twain attributed it to Benjamin Disraeli [1] "Lies, damned lies, and statistics" is a phrase describing the persuasive power of statistics to bolster weak arguments, "one of the best, and best-known" critiques of applied statistics. [2]
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
Decisions based on economic theories that are not scientifically possible to test can give people a false sense of precision, and that could be misleading, leading to build up logical errors. Natural economics: Economics is concerned with both 'normal' and 'abnormal' economic conditions. In an objective scientific study one is not restricted by ...