Lockdown statistics

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Chapter 5 in On the Inaccuracies of Economic Observations, 2024, pp 127-153 from Edward Elgar Publishing

Abstract: The COVID-19 pandemic not only threatened human health but also disrupted the accuracy of economic statistics, leading to unprecedented challenges. Despite awareness of the issues during the Great Lockdown, data continued to be reported with apparent precision, raising concerns about trustworthiness. The pandemic’s impact on economic statistics resulted from presenting seemingly accurate single-point estimates without acknowledging changed observation conditions. Explored through changing established concepts, challenges in traditional data collection and increased Big Data usage, the pandemic served as a natural experiment, revealing the behaviour of the statistical apparatus and coping strategies of data users. Transparency increased, exposing the inaccuracy of economic data, though numerical indications of inaccuracy were lacking. The chapter delves into emerging evidence, conceptual fuzziness, the fate of traditional data collection and the role of Big Data, drawing conclusions from this distinctive case study.

Keywords: Economics and Finance; Research Methods (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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