Guide to Economic Indicators, Making Sense of Economics

By Turner, Sue | Teaching Business & Economics, Summer 2007 | Go to article overview

Guide to Economic Indicators, Making Sense of Economics


Turner, Sue, Teaching Business & Economics


Guide to Economic Indicators, Making Sense of Economics, The Economist, £20, ISBN 978-1-86197-947-6

One of a well-established series produced by The Economist, thisguide purportsto explain all you need to know in order to understand and interpret economicfigures. It contains three introductory sections and ten other chapters covering a wide variety of the more commonly quoted economic statistics, from the Big Mac index to the sourcesof economic growth by way of business confidence and the savings ratio. There is a good index and a list of good websites. It iswritten for the non-specialist but intelligent reader, hence the expectation that it should be of use to an A level economist.

The opening chaptersexplain the sources of economic statistics and cover the essential mechanics-index numbers, weighting, measuring change, volume and value, current and constant, and how to measure an economy. There isa useful paragraph devoted to the problems of reliability. One of the most useful sect ions is on interpretation of data, which sets out and discusses the first questions to ask when you come across any indicators.

* Who produced the figures?

* Will the data be revised?

* To what period do the figures relate?

* Are the data seasonally adjusted?

* What were the start points and end points for changes?

* What about inflation?

* What other yard sticks will aid interpretation?

This provides a useful toolkit for students undertaking any examination in which they are presented with data. Those required to evaluate data, for instance for AQA paper ECN4W, could do worse than memorise the list as an automatic response to seeing any tables of statistics.

Much of what follows in chapters 4 to 13 covers the essential language of economics, one reads of cycles, circular flow, trends, capacity and much more. It applies a standard format to each of the measures covered. For example, it sets out for capacity use and utilisation:

Measures: Extent to which plant and machinery isin use

Sgnificance: Indicator of output and inflationary pressures

Presented as: Percentage of total capacity

Focus on: Absolute level and trends

Yardstick: 80-90%; more may be inflationary, less indicates room for growth

Released: Monthly, 1-3 monthsin arrears; revised

The overview on utilisation briefly discusses relevant conceptssuch as capital investment, capacity use and total capacity. …

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