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Open Access Paper

A Statistician’s Prosecution for Slander
by Miranda Xafa
For the past nine years, Andreas Georgiou, the former president of Greece’s statistical agency, has been facing a series of prosecutions in the Greek courts. An economist by training, Mr. Georgiou was recruited from the international Monetary Fund in 2010, soon after Greece’s debt crisis erupted and an EU/IMF bailout was agreed, to head the newly independent national statistics agency, ELSTAT. His main task was to bring the country’s official statistics in line with EU rules.  Read now


► Read the full story of the 9 year prosecution of Andreas Giourgiou

Call for Papers

World Economics would like submissions on key subjects of importance relating to the measurement of economic activity and data issues (for example, but not limited to):

Measuring output   Measuring price
  • GDP measures
  • Alternative measures of measuring economic activity
  • Measuring the gig economy
  • Measuring services and financial services output
  • Measuring government output
  • Measuring the shadow economy
  • Beyond GDP - depreciation of the environment, happiness
  
  • Measuring consumer price inflation
  • Estimating GDP and input price deflators
  • Measuring financial asset and real estate prices
  • Valuing 'free' services such as those offered by Google and Facebook
  • The price of light - how to measure the impact of rapid technological change on price


Measuring people   Debt
  • Measuring population numbers in developed countries
  • Measuring population in emerging markets
  • Population forecasting
  • Fertility estimation
  • Participation rates and unemployment
  
  • Defining debt
  • Measuring consumer debt
  • Measuring corporate debt
  • Measuring government debt
  • Debt cycles
  • Debt instruments


Submissions of articles for consideration by World Economics should be sent to editor@worldeconomics.com.

Additional Resources:
Guidelines and details for submissions
List of World Economics Editorial board members

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On Measuring Hyperinflation: Venezuela’s Episode
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Venezuela now exhibits the 57th historic episode of hyperinflation as measured in the Hanke–Krus World Hyperinflation Table. Entry to the hyperinflation dataset depends on three qualifying criteria: inflation rates greater than 50% per month; the persistence of this ... More


How Accurate Are the National Balance Sheets for China?
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The accuracy of data on China’s national balance sheets has attracted much less attention than that of the Gross Domestic Product reports. China’s Bureau of National Statistics has not released official national balance sheets, but two Chinese research teams have ... More


Debt, Economic Growth and Data Adequacy
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The effects of government debt on economic growth has become of immense importance in the backdrop of the Eurozone sovereign debt crisis and Reinhart & Rogoff’s related research. This study is based on a sizeable dataset which extends the horizon of analysis to ... More


Poor Economic Statistics Fuel China’s Low Consumption Myth
Jun Zhang & Tian Zhu
The generally held belief that China’s consumption is too low is a myth based on inadequate theory, a misreading of official statistics and the use of market exchange rates for making international comparisons. Chinese official statistics underestimate consumption ... More

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Blogs

The Peaceful Age


We are living in a historically peaceful age. The experience of living in a state of war as a citizen of a Great Power has fallen dramatically since 1945. Data shows that while from 1500 to 1815, the percentage of years in which the great powers, mainly European until the ascent of the USA in 1898 as a result of its war with Spain, rarely fell below 80% on average every twenty five years. The relatively peaceful twentieth century was punctuated by the First and Second World Wars, but so far the lack of great power conflicts in the twenty first century means that the percentage has fallen to zero. Steven Pinker, author of The Better Angels of our Nature, notes that although our impression of violence has not reflected this decline, the importance of commerce, growing literacy and communication and a rise in rational problem-solving has led to a decline in international violence.

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Debt to GDP Ratio: Use with Care
One of the most widely used and misused statistics is the ratio of public debt to national income as a measure of a country’s solvency. The debt-to-GDP ratio itself is measured with a country's gross sovereign debt in the numerator and Gross Domestic Product (GDP) in the denominator...

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The Flaws in Population Data
Accurate world population data is immensely important in assessing the impact of people on the sustainability of the planet’s resources. According to World Economics there were an estimated 7.467 billion humans living on the planet in 2017...

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Serious Errors on UK Telecoms Data: Prices could have fallen by 90% more than the official price index
The Office of National Statistics (ONS), Britain’s official data agency, has admitted that it has made serious errors in its estimation of the output and productivity of the telecoms sector. A paper co-authored by Richard Heys, deputy chief economist of the ONS which compared approaches to deflating the output of the telecoms industry across countries found ...

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Trade Data: Use with Care
The international trade statistics used by many commentators are inaccurate and the way trade is measured is no longer fit for purpose. Not only do world exports and imports not balance, but large asymmetries are found in the balance of trade statistics between countries and regions. These errors do not cancel out on aggregation across countries...

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The UK Retail Price Index: Broken, Inaccurate and Unfair
Calculating price indexes that are theoretically sound, robust, comprehensive, easy to understand, and which reflect underlying reality is one of the hardest tasks in economics. Most measures of domestic inflation have flaws, but perhaps the least fit for purpose is the Retail Price Index (RPI) used in Britain.

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Can Big Data Improve Economic Measurement?
The amount of data generated and stored in the digital age is accelerating rapidly, but this is not reflected in official economic statistics. Half a decade ago one estimate put the daily global creation of data at around 2.5 exabytes [2.5×1018 bytes] and it was predicted last year that this would rise to...

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