From the course: Economic Tips for Everyone
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Benefits and problems with government data
From the course: Economic Tips for Everyone
Benefits and problems with government data
- Of all the different economic data in the world, government data is the gold standard. Of course not all countries collect or publish economic data. And some countries, like the United States or Eurozone countries, they collect and publish a lot of data, but there can still be problems. Some of the issues with government data can include things like: data specification errors, incomplete data, and notoriously large historical revisions. This means that the data you see today, that everyone talks about, may actually be quite different once it's been revised. But despite these flaws, you can never go wrong by citing government or official data. Those kinds of data don't raise eyebrows. And that's a good thing.
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