Examples are the collection of foreign trade statistics which was begun by the Board of Trade and the collection of employment and unemployment statistics initiated by the Ministry of Labour between the wars. It not only helps in analysing and evaluate the outcomes of the past policies but also assist them to take corrective measures and to formulate new policies accordingly. As much of this course is concerned with changes in the value of time series variables, such as national income in £bn, it is appropriate here to make some observations about growth rates and other simple summary statistics employed by economic historians. Introduction To Statistics - Class 11 - Commerce 1. economic and –nancial data in the –rst year, statistics in the second year, and econometrics in the third year. At present one must proceed from general knowledge of the available material to work out for oneself how the official statisticians probably made their estimates and then attempt to assess how reliable they are. This is often extremely difficult because British official statistical publications give little information about how estimates are arrived at. Since then a population census has been taken every ten years, except in 1941. One way of presenting this would be to show the PACE/GDP ratio, and how this rises over the period (col. 3). Social and economic statistics: Textbook / under edition of Efimova, M.R. A regular pitfall arises from ignorance whether the figures being used cover the British Isles, the United Kingdom, Great Britain or only England and Wales. This is one of over 2,200 courses on OCW. We begin by establishing what is meant by changes in a variable over time, for here there is much confusion, particularly about percentages. The site describes the book as "designed for the one-semester, introduction to statistics course and is geared toward students majoring in fields other than math or engineering. Economic statistics can be divided into three principal groups: Those collected by the government. Why, how and for what purpose was the data collected; How appropriate are the initial and terminal dates in a time series; and are the data affected by price changes; if so, is it possible to adjust them onto a constant price basis; A numerical value is rarely useful (e.g. More properly, they are capital receipts and should not be used as an offset against total public expenditure. Typical statistics of this kind are the figures of the national income and expenditure or the balance of payments. This video tutorial provides a basic introduction into statistics. These notes cross-reference introductory statistics to Barrow (2009) and the econometrics and more advanced statistics to Verbeek (2008). If one examines the original questionnaire in this way one must come to the conclusion that for certain categories and age groups the figures of those �out of work�, �retired�, or �otherwise unoccupied� must be treated with great caution. Economy And Its Components 7. *NOTE: This video was recorded in Fall 2017. There is no easy way of learning how to use economic statistics correctly. Thus statistical series which started merely as an accidental offshoot of some administrative control may later be developed and extended for the knowledge and information they give about some aspect of economic affairs. These keywords were added by machine and not by the authors. References cited in this and other background papers are collected together as the final section of background paper 4. Those arising from the working of business and other economic organizations. It uses elementary econometrics and other applications of statistical tools to economic data. Basic Terms 2. Most figures of wage rates and hours of work are based on the collective agreements made between trade unions and employers� associations or on decisions given by statutory wage-fixing authorities. Ordinary Business Of Life 4. Therefore, it can be … This work is in the public domain. It is most important to appreciate that macro data can be as much affected by cycles as well as by the trend. Those which are collected as part of the working of some administrative control or system of taxation. For example, before nationalization, nearly all the detailed statistics we have about iron and steel production and employment were collected by the Iron and Steel Federation from its members. Statistics arising from the administration of some scheme of control or from the operation of the law, inevitably reflect the peculiar and changing features of such administration and law. The first Census of Production was taken in 1907 and has been conducted annually since 1948. Balance of payments accounts (particularly important since historically Britain has been one of the world�s most open economies and an international financial centre). But statistics and the notes which explain and qualify them are easily parted, and the same figure may appear in another publication without any mention of the cautionary warnings about error (one of the classic errors identified by Platt 1989 in his diatribe against quantitative economic historians). Economic statistics is: (1) the area of knowledge—science encompassing a complex and multi-branch system of scientific disciplines (areas) which have a certain specificity, they study the qualitative aspect of mass phenomena and processes in inextricable connection with their qualitative aspect; (2) the area of practical activity—collecting, processing, analyzing and publishing mass data about the phenomena and processes of social life; (3) a set of digital data characterizing the state of mass phenomena and processes of social life or their totality; (4) the area of statistics applying the methods of mathematical statistics for studying social and economic processes and phenomena. The assessment of a margin of error in statistical terms would imply much more accurate knowledge of the error in the figures than is usually available to the statistician. The collection of economic statistics in Britain. Introduction to statistics 1. The economic objectives of the Thatcher government first elected in 1979 were strongly influenced by an interpretation of postwar British economic history which saw Britain�s growth performance as constrained by the excessive growth of the public sector. Errors arise in statistics which are not merely summaries or tabulations of original data, but attempt to make secondary estimates on the basis of incomplete statistical material. For example, most of our information about the movement of wholesale prices comes, from the records of transactions kept by internationally organized produce and raw material exchanges. After scrupulous scrutiny of the work of others, or by taking a pure punt, form a firm view about what causes the thing you�re interested in to do what it does. Statistics: Textbook. Scan the myriad of results, for there�s bound to be some specification that confirms your hypothesis. Economic statistics may also … General problems in using economic statistics. ECON220 (Liberal Arts) Introduction to Economic Statistics 4 (2 hours recitation, 2 hours laboratory) hrs. There is also the problem that periodically statistics are rebased on a new constant price basis, which destroys comparability over long periods. The unwary reader of the Abstract might assume, quite wrongly, since there is no mention of error, that all the figures are equally reliable or unreliable. British exports increased by £15m over 1851-2); much more useful is to express the change as a proportion of some other variable - normally GDP is the most useful here. This unit emphasises understanding the use of computing technology for data description and statistical inference. [Middleton 1985a, p. 82]. Rather, they arose from the operations of the Board of Inland Revenue in assessing individuals� incomes for the payment of income-tax and surtax, and therefore reflected the legal and administrative rules according to which such assessments were made. While our approach to statistics will concentrate on its uses in the study of economics, you will also learn business uses of statistics because many of the exercises in your textbook, and some of the … New York, The Century co., 1922 Thus for most of the twentieth century the figures of income distribution in this country were not collected in a special statistical enquiry. 3 crs. CONTACT Department of Economics Stony Brook University Stony Brook, NY-11794, USA Tel: (631) 632-1328 steven.stern@stonybrook.edu. © 2020 Springer Nature Switzerland AG. TABLE BG.1A Central government receipts, expenditure and budget balance, 1929/30-1939/40. Scope Of Statistics 10. Therefore, statistics in economics helps in establishing theoretical concepts and models by providing evidence. The elasticity is thus positive and greater than unity. Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and … Eg: finding the average income of the population. Introduction to "Big Data for 21st Century Economic Statistics" Katharine G. Abraham, Ron S. Jarmin, Brian Moyer & Matthew D. Shapiro. There is no clear dividing line in such cases between �out of work� and �retired�, and the way in which individuals in similar circumstances may describe themselves may be quite different. One cannot use the published figures of income distribution sensibly without knowing something about these rules and the changes in them over the period for which one wishes to use the figures. Meaning Of Statistics 9. Year - 2020. If, for example, the statistics arise from the operation of taxation, one can assume that the taxation authorities have the power to investigate the accuracy of the information on the basis of which such taxation is assessed. It is not easy to discover how the detailed peculiarities of administration and law affect the meaning of statistics of this kind. And official publications rarely give sufficient information to enable the user to distinguish easily between the more and less reliable figures, unless they are themselves an expert in the subject. They cannot, therefore, be used properly without knowledge of the administration and legal system from which they arise. Adam Smith’s Definition-Wealth Definition Adam Smith (1723-90) defined Economics as follows: “Economics is the science of wealth”. Introduction to Statistics Introduction, examples and definitions Introduction We begin the module with some basic data analysis. Lomonosov (MGU); Under edition of Ivanov, Yu.N. A similar situation prevails with the monthly figures of unemployment, first published by the Ministry of Labour. Much of this is published or passed on to interested government departments for inclusion in official publications. 108-10), that concerning the effects of privatisation proceeds on the Public Sector Borrowing Requirement (PSBR), the official measure of the balance of public sector accounts. Economic statistics is a topic in applied statistics that concerns the collection, processing, compilation, dissemination, and analysis of economic data.It is also common to call the data themselves 'economic statistics', but for this usage see economic data.The data of concern to economic statistics may include those of an economy of region, country, or group of countries. When statistics are improved in scope and definition one usually has to pay a price in terms of comparability with the past, for it is rarely possible to go back and revise earlier figures on the improved basis. The conventionally defined budget balance is here Bc (where T and G are receipts and expenditure respectively, and Y, the denominator in panel 2 of the table, is GDP), and it is this that they tried to keep in small surplus to reassure financial opinion. For when figures are well presented in neatly printed tables, the reader is usually inclined to assume that they are accurate, especially if the publication is an official one. Let�s take a couple of examples to illustrate the continuity of this problem and the dangers it poses for the economic historian. Where there is no published statistical information to try to make estimates on the basis of the data which are available. Introduction to Economic Statistics. 4, Economic statistics: Textbook / Moscow State University named after M.V. Where the published statistics depend on estimation, one ought to try to discover the element of estimation in the figures and the exact way in which the estimate was made. But another way would be to calculate an elasticity measure; this shows us for each increment of GDP how much public expenditure rises, i.e. We can see the effects of their actions in table BG.1A. Thus, until recently, the figures of income distribution published by the Board of Inland Revenue reports cover only incomes assessable to tax, and, therefore, exclude incomes below the  tax-exemption limit and that part of income, such as interest on savings certificates, which is by law exempt from taxation. Introduction to Economic Modeling and Data Science This website presents a series of lectures on programming, data science, and economics. This makes the description purely scientific. Last modified 30 June 1998. Some of the statistics first obtained as an offshoot of administration have now been extended in range and detail in such a way that they ought perhaps to be considered as statistical enquiries in their own right. 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