Why do economists (and politicians) focus on only a few measures - GDP, inflation, and unemployment - when describing the state of the economy? Would it make more sense to consider all available data, like the production of each industry, changes in the price of every good and service, or unemployment for each industry?
Why do economists (and politicians) focus on only a few measures - GDP, inflation, and unemployment - when describing the state of the economy? Would it make more sense to consider all available data, like the production of each industry, changes in the price of every good and service, or unemployment for each industry?
Chapter6: How Statisticians Measure Inflation
Section: Chapter Questions
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