Posts tagged with facts
Advertising rises and falls with the economy, though how much is a matter of debate. Randall Rothenberg … points to the remarkable stability of advertising at about 2% of GDP since 1919, when the data began to be collected.
Since , the [US] labor force participation rate (LFPR) has dropped from 66 percent to 63 percent. [Out of 314M people.] Many people have left the labor force because they are discouraged … (U.S. Bureau of Labor Statistics data indicate that a little under 1 million people fall into this category)….
…Knowing the reasons why people have left (or delayed entering) the labor force can help us [guess] how much of the ↓ might … ↑ if the economy ↑ and how much is permanent. (For more on this topic, see here, here, and here.)
The chart … shows the distribution of reasons in the fourth quarter of 2013…. Young people [usually say they] are not in the labor force … because they are in school. Individuals 25 to 50 years old who are not in the labor force mostly [say they] are taking care of their family or house. After age 50, disability or illness becomes the primary reason [given]—until around age 60, when retirement begins to dominate.
Of the 12.6 million increase in individuals not in the labor force, about 2.3 million come from people ages 16 to 24, and of that subset, about 1.9 million can be attributed to an increase in school attendance (see the chart below).
off-topic sidenote: the natural cohort —vs— year adjustments, like “the baby boom has shifted 7 years since 7 years ago” are an economic example of the covariant/contravariant distinction
There are very few facts I think “everyone should know”. The huge income differences across countries are an exception.
Everyone should know that income per person in Burundi is about 1% of in the U.S. (yes, even though there’s a recession on).
And everybody should know a rough quantitative history of the world.
13 minutes by Tyler Cowen & Alex Tabarrok
A billion chronically hungry people in the world via The Economist
- As you can see from the right-hand scale, during the 1990’s and 2000’s the “bottom billion” poorest people have been starving or close to it.
- Even though the right-hand scale is more important, the lines get graphical emphasis.
- Therefore the two pictures, though nearly equivalent in absolute terms, tell very different stories:
- Both stories were told by the
Food and Agriculture Organisation, of the United Nations.
- Of course statistical bodies revise estimates all the time.
- But still this juxtaposition warns us to question the facticity of numbers appearing in charts.
- All data come from somewhere. Just because the numbers appear on a chart doesn’t make them correct.