One persistent gripe I have with media analysis of economic issues is the extremely stunted perspective on news items. What I mean by this is that a news item will come out which suggests a particular trend (to greater or lesser degrees). What we will then see is a legion of media pundits jumping on this one inference – and then framing it as if it represents the only rational conclusion for this piece of news.
In fact, as anyone with a reasonable amount of imagination and/or analytical expertise can tell you, most news items are suggestive of at least two possible scenarios – and often more. This analytical ineptitude has resulted in a number of disparaging clichés. Sadly, most take aim at the numbers, themselves, instead of the people using/abusing these numbers.
“Statistics can be used to say anything.” “There are lies, damn lies, and statistics.” “Numbers don’t lie, people do.” The first two expressions are common (but mistaken) adages in our society. …
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