There is a huge reliance on data to aid decision making – whether it’s Investors wanting to know where to move money, central banks pretending to understand the economy, governments making policy decisions or companies planning for their future. Sadly, data collection faces two challenges. One is a lack of sufficient government spending. As Steve points out, perhaps Texas would be more prepared for the horrendous flooding of the last few weeks, if they hadn’t sacked so many meteorologists. The other problem is the increasing unwillingness of the public and businesses to complete surveys. Fortunately, as Phil points out, data is now being collective more from primary sources -like bank records or store transactions.
That’s a big step forward, but a lot of data is based on answering traditional questions, like what’s our GDP? It’s base don conventional thinking. Phil asks whether we should be paying more attention to money supply whilst Steve says understanding company mark-ups would also be a good predictive indicator. What data sets do you think are missing?
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