Posts filed under “Data Analysis”

Six Ways to Separate Lies From Statistics

From Betsey Stevenson & Justin Wolfers, a short primer on separating lies from statistics:
 

1. Focus on how robust a finding is, meaning that different ways of looking at the evidence point to the same conclusion. Do the same patterns repeat in many data sets, in different countries, industries or eras?

2. Results that are Statistically Significant means it’s unlikely findings simply reflect chance. Don’t confuse this with something actually mattering.

3. Be wary of scholars using high-powered statistical techniques as a bludgeon to silence critics who are not specialists.

4. Don’t fall into the trap of thinking about an empirical finding as “right” or “wrong.”

5. Don’t mistake correlation for causation.

6. Always ask “so what?” The “so what” question is about moving beyond the internal validity of a finding to asking about its external usefulness.

Great stuff. I recall something from Carl Sagan on this — I’ll see if I can dig it up.
 

 

Source:
Six Ways to Separate Lies From Statistics
By Betsey Stevenson & Justin Wolfers
Bloomberg View, May 1, 2013   http://www.bloombergview.com/articles/2013-05-01/six-ways-to-separate-lies-from-statistics

Category: Bad Math, Data Analysis, UnScience

A Closer Look at Unemployment

Source: BLS   This is a fascinating chart from the Bureau Labor Statistics looking at the state-by-state unemployment rates. We know the national jobless rate is down to 6.3 percent and this chart lets us see how that is distributed nationally. At the BLS site, and you can click through the chart and see unemployment…Read More

Category: Data Analysis, Digital Media, Employment

No, 8 in 10 Manhattan Home Sales Are NOT All-Cash

Source: RealtyTrac via Rampage   Yesterday, we directed our ire at bad automobile data. Today, its housing’s turn. I was running through my early morning sites one day last week in preparation for preparing my daily reads posting, when I saw this headline at the Washington Post: “8 in 10 Manhattan home sales are all-cash.”…Read More

Category: Data Analysis, Real Estate, Really, really bad calls

No, Those Are Not Millions of Unsold Cars Rusting Away

This week, an e-mail landed in my inbox with the header “Unsold Cars.” Above is just a few of the thousands upon thousands of unsold cars at Sheerness, United Kingdom. Please do see this on Google Maps….type in Sheerness, United Kingdom. Look to the west coast, below River Thames next to River Medway. Left of…Read More

Category: Consumer Spending, Data Analysis, Really, really bad calls, Web/Tech

The State of Global Income Inequality

Source: Know More From Know More: In the graph above, the area of each rectangle corresponds to the size of each country’s economy. The width of the rectangle represents the population, while the height represents the average income in that country. Which rectangle is larger, China’s or that of the United States? According to the…Read More

Category: Data Analysis, Digital Media, Wages & Income

Hysteresis in Unemployment and Jobless Recoveries

Category: Data Analysis, Employment, Think Tank

Most Lethal Actors of All Time, by # of On-Screen Kills

click for larger chart Source: Know More   Da vinner is Ah-nold by a mile . . .  

Category: Data Analysis, Film, Weekend

Do You See the Positives or Negatives?

The Standard & Poor’s 500 Index hit an all-time high yesterday, closing at 1,897.45. The Dow Jones Industrial Average also hit a record, ending at 16,715.44. This should be tempered by noting that the Dow is up less than 1 percent so far this year, while the S&P 500 has gained about 2.7 percent. One…Read More

Category: Data Analysis, Earnings, Psychology, Sentiment, Valuation

A Tangled Web of Charity

Source: Businessweek   Continues here

Category: Data Analysis, Digital Media, Taxes and Policy

About That Labor Force Participation Rate . . .

@TBPInvictus here: On April 17, 2012, North Carolina Congresswoman Virginia Foxx stood before her colleagues in the House of Representatives and said (emphasis mine): Ms. FOXX. Mr. Speaker, the March employment report continues to show us that the Federal Government has not been helping to create jobs in our economy. A Wall Street Journal editorial…Read More

Category: Current Affairs, Cycles, Data Analysis, Economy, Employment, Politics