In the beginning, there were institutions...thoughts on institutions, economics and other random topics.
Wednesday, December 9, 2009
More silly Poll numbers
So yesterday I made a little funny about how 10.2 sometimes being greater than 10.8. Just to be clear, I do know that 10.2 is actually less than 10.8, but it was a metaphor for a thing that we can jokingly say about statistics being similar to bikinis: What they reveal is interesting, but what they conceal is essential. In this case looking at the national average unemployment now versus in 1982-4 conceals some essential facts about these two recessions, namely that when we control for age and education, unemployment for each subgroup of the population is higher now than in 82-4.