Economic Data

Economic Data:

The collection and reliablity of data:- Economists collect data for two main reasons:

• The scientific method requires that theories be tested;data may be used to refute or support a theory
• Economists are often required to provide support for particular policies, without economic data ity is difficult to make decisions and recommendations about policies

Some macroecomic data is collected from a variety of sources which make some information inaccurate. Surveys are only relaible if there is accurate sampling…