Worthless surveys
March 27th 2010 01:49
Where would we be without reliable economic modelling based on objective and scientifically managed surveys? According to an American economics professor, it's a moot point. The question should actually be: where would we be with reliable economic modelling based on objective and scientifically collected data?
The unnamed professor doesn't trust surveys. He reportedly told a colleague, "Economists pay no attention to what people say, only to what they do."
It's a view shared by the UK's Royal Statistical Society, which believes that a survey is unreliable unless it has a response rate of more than 65%. This rules out pretty much every survey in the world. It also invalidates the result of every American election.
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