After President Trump fired the head of the Bureau of Labor Statistics, economists and statisticians across the board were horrified. Because the firing raises the spectre of potential manipulation – and it raises the worry that, in the future, the numbers won't be as trustworthy.
So: we looked at two countries that have some experience with data manipulation. To ask what happens when governments get tempted to cook the books. And...once they cook the books... how hard is it to UN-cook them?
It's two statistical historical cautionary tales. First, we learn how Argentina tried to mask its true inflation rate, and how that effort backfired. Then, we hear about the difficult process of cleaning up the post-cooked-book mess, in Greece.
For more:
- Can we just change how we measure GDP?
- The price of lettuce in Brooklyn
- What really goes on at the Bureau of Labor Statistics (Update)
- Can we still trust the monthly jobs report? (Update)
- How office politics could take down Europe
- The amazing shrinking economy might stop shrinking
Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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So: we looked at two countries that have some experience with data manipulation. To ask what happens when governments get tempted to cook the books. And...once they cook the books... how hard is it to UN-cook them?
It's two statistical historical cautionary tales. First, we learn how Argentina tried to mask its true inflation rate, and how that effort backfired. Then, we hear about the difficult process of cleaning up the post-cooked-book mess, in Greece.
For more:
- Can we just change how we measure GDP?
- The price of lettuce in Brooklyn
- What really goes on at the Bureau of Labor Statistics (Update)
- Can we still trust the monthly jobs report? (Update)
- How office politics could take down Europe
- The amazing shrinking economy might stop shrinking
Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
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