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Rethinking Economic Indicators with Data-Informed Insights

In: Data Capital

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  • Chunlei Tang

    (Harvard University)

Abstract

The leading indicator first emerged in the 1920s brought the modern concept of “economy.” Since then, economic indicators were invented even more with the rage for hard data and statistics. The indicators invented before 1945 aiming to deal with the twin crises of depression and war, and after that year was marked by how to measure affluence rather than a crisis. With the advent of big data, the need to rethink these oversimplified economic indicators in the broader environment should be discussed. A brief history of economic indicators is reviewed; namely, from mathematics and the census, vibrant statistics based leading indicators, and the concept of “economy” under physics envy. This chapter then considers the existing and future avatars of these indicators with data-informed insights, including unemployment, gross domestic product, and inflation rate.

Suggested Citation

  • Chunlei Tang, 2021. "Rethinking Economic Indicators with Data-Informed Insights," Springer Books, in: Data Capital, chapter 0, pages 269-296, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-60192-8_9
    DOI: 10.1007/978-3-030-60192-8_9
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