Word: data
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Dates: during 1960-1969
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...Mayor" that would be comparable to the President's annual economic report. The difficulty of such a task is immensely complicated by the lack of a sophisticated understanding of the urban economy and social structure. In New York City, this lack of sophistication reflects a lack of data rather than brainpower...
Lindsay probably has as bright a group of advisers, assistants, and program planners as exists in any federal, state, or local bureaucracy today. What is lacking in New York, but to a much lesser extent in Washington, is meaningfully organized economic and social data to begin knowing what optimal policy is and how to implement it, even if it can't yet be achieved because of other institutional constraints...
...Data from the 1960 Census validates their point. At that time, average per capita income in SMSA's (Standard Metropolitan Statistical Areas) was 52 per cent higher than in non-SMSA's. And the New York metropolitan area had an average per capita income 15 per cent higher than the average SMSA. Since 1960 these relationships have remained approximately the same. It is not unreasonable then to ask why the cities, particularly New York City, are complaining about not having enough money...
Practitioners of econometrics use countless statistics to build complex mathematical models (see cut). The statistics are weighted according to the economists' own idea of their importance, and the result is intended to serve as a picture of the real world. The models vary, but they usually contain data about prices, wages, spending, savings, interest rates-and how a change in one will theoretically affect the others. Like the design for a new airplane, the model can be "tested" in a computer without the risk of painful mistakes. Even if the results are not wholly accurate, the discipline of building...
Bowles and MacEwan tell us also, however, that per capita income "only has meaning in the context of a market economy." Defective as data on per capita income must be for a less developed economy. Bowles and MacEwan cannot really be urging here what they seem to be: that that index not be compiled and its increase not be sought. Moreover, as the primers teach, if income equality is stressed very much, incentives and bence output per capita may suffer. Just what is the trade off and where should a balance be struck between these two desiderata? These regrettably...