History is More Important than Statistics

By: | Wed, Oct 18, 2006
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Pundits keep criticizing government officials for their intense massaging of statistical data. It is a fact that not a week goes by without some announcements of questionable data whether it is about inflation, employment level or GDP growth.

But consider this: here at CFL do not need those data at all. In fact, we believe that they are worthless in our quest for prosperity and wealth.

History is not just useful to fill books. History is a guide. History tells us that people have been getting rich for over 5 000 years all across the globe without access to "economic data" such as government measured inflation or GDP numbers. It is about time to remember that macro-economic data has been around only for the past 80 years.

Most great economists of the 20th century, including Keynes and Hayek, considered that economics was a science of people's behaviours not a number crunching discipline. We feel that were on to something heavily neglected nowadays.

You may disagree with us. However, you will agree on the fact that you do not need government inflation numbers to be aware of the fact that your money is losing purchasing power year after year. You do not need GDP numbers to know that secure jobs are getting harder and harder to come by either. Nor would you need deficit numbers neither to be aware that your taxes keep going up while services keep going down and red tape keeps increasing.

You still believe that numbers are useful? Well, what if you could find every useful numbers at grocery stores, retail stores, shopping malls, the gas pump, etc. Think about this.



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