Volume 10, No. 3 (Fall 2007)
Economists are familiar with the cliche’ “lies, demand lies, and statistics,” which puts statistics at the top of the pyramid of lies. ESPN sports radio personality Colin Cowherd, on the other hand, insists, “People lie, numbers don’t.” Since people create the numbers the line between liars and bad numbers may be less than bright and clear, but Gene Epstein-economics columnists for Barron’s magazine and author of Econospinning-essentially sides with Cowherd. Epstein finds little fault with government’s economic numbers and plenty of fault with the reporters and pundits who use those numbers.
