Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Posts Tagged ‘definition of GDP’

Economics: An Art or a Science? Checking in with Rick Davis of Consumer Metrics Institute

Posted by Larry Doyle on September 27th, 2010 7:21 AM |

The study of human behavior may be considered a science but to me it is the greatest and most challenging of arts. Why is that? For the very simple reason that while we are limited in the ability to study human behavior by reviewing the past, we are challenged by the fact that future behaviors are forever changing. The lessons of the past often do repeat themselves in the future; however, the environment of the PRESENT has NEVER truly been experienced so our current and future behaviors are so hard to forecast. Thus, is economics more art or science? Perhaps we can cover both bases and call it as much an art as a science especially in the Uncle Sam Economy circa 2010.

I raise this topic based upon a recent commentary put forth by a Sense on Cents favorite site, Consumer Metrics Institute. Rick Davis continues to paint an exquisite work as he recently penned, The Diverging GDP,

Prior to each revision to the GDP we are asked for insights into the likely course of those corrections from the Bureau of Economic Analysis (“BEA”) of the U.S. Department of Commerce. Most of the questions we have received recently center on the increasing divergence of our Daily Growth Index from the BEA’s GDP over the past couple of quarters: (more…)






Recent Posts


ECONOMIC ALL-STARS


Archives