Video: Professor Peter Bergeijk's 'On the inaccuracies of economic observations'
By Marcel Hobma
Economics is plagued by large and significant measurement error problems. 75 years ago, the economist Oskar Morgenstern already highlighted this issue with his monograph ‘On the accuracy of economic observations’. Unfortunately the book became a neglected classic, and his urgent call to publish measurement errors was not taken to heart.
Emeritus professor Peter van Bergeijk revisits this critical topic in his recent book ‘On the inaccuracies of economic observations: Why and how we could do better’. Bergeijk pays tribute to Morgenstern’s seminal work while demonstrating that the discipline has failed to address these longstanding issues. Economic data accuracy on balance has not improved and the need to transparently report measurement error is as big as ever.
The Blog of Trial and Error premieres a thought-provoking video by Bergeijk discussing his book and the way forward for economics. Don’t miss it—check it out here:
