1.3.6. Economic Statistics.

D.1. Economic Statistics: Since all meaningful statistics in economic analysis are statistics about Economic Goods, they only show relative valuations. (From 1.3.4)

E.1. A price alone, or its trend, a quantity of something, etc all are useful statistics for purposes other than economic analysis. Within economic analysis, due to the definition of the subject, meaningful is only something which shows a relation of scarce-substitutable means and multiple ends. Accordingly, statistic too must show such a relation. Hence, a price, or a trend of price, without its comparison with prices of other available goods is by definition of Economic Good not a statistic about Economic Good. We have the price of apples, quantities sold of apples, but only when in our analysis we plug-in other prices and quantities which consumers can substitute with apples, we can formulate something meaningful about prices of apples which are now relative prices (prices in relation with all others).

Reference: Chapter 03 of Robbins, L. (2007). An essay on the nature and significance of economic science.

Brainstorming: What is Significance of Conceptual Hierarchies?

Brainstorming: What is Significance of Conceptual Hierarchies? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Brainstorming: What is Economics?

Brainstorming: What is Economics? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Brainstorming: What is Importance of Attention Direction?

Brainstorming: What is Importance of Attention Direction? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

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