Statistics is an easy way to display data in readable terms.
Economically speaking, people want to know how the economy is doing...
they want to know such things as the unemployment rate and GDP growth.
There are various reasons for this desire for knowledge about the
economy including; curiousity, investment decisions, career decisions,
something to talk about.
If statistics were not available, the US (and world) population would
have nothing to base their ideas about the economy on except what they
could see around them. If they personally know 3 people who lost
their jobs in the last year then they'd have a very gloomy view of the
economy. Afterall, "A recession is when you lose your job, a
depression is when I lose my job." But in reality, a few people
losing their jobs may not be reflective at all of the economy as a
whole. |
