I don’t know what Arnold Kling is doing these days.
How would data look differently to economists if all accounting software, everywhere, reported sales data from A to B, whenever it was posted, to an independent database using a (large) generic chart of accounts, so that we could measure PSST at that level, rather than the macro level?
Policy is enacted upon what can be measured.
I suspect that we would just see even more intervention. On the other hand, the impact of all the intervention would be more visible. And that our counter -arguments would be much better.
household data is nonsense. Macro data is all but useless. PSST is actionable.
Source date (UTC): 2014-01-02 11:04:00 UTC
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