Tuesday, January 28, 2014

Silly statistics in the wealth inequality debate: The Undercover Economist strikes back

You may have heard that Oxfam is promoting its report that says the richest 85 people in the world have more wealth than the bottom 3.5 billion. Of course, the media have picked up the story and continue to run with it.


You may have also heard that Tim Harford is promoting his new book, The Undercover Economist Strikes Back.


In a recent talk, Harford strikes back at the the use and misuse of such factoids in the wealth inequality debate and in macroeconomics in general.


harford_on_wealth_inequality


The entire talk is below. Harford begins around the 7:20 mark. Keep watching to see why economists treat data like an unfaithful spouse.



Originally posted at http://ift.tt/LkCj2i.