@fryrsquared: Just after the financial crisis, an influential paper called "Growth in a time of debt" was published, in which two Harvard profs used data to show that high levels of debt hurt a nations economic growth. The paper was cited at the G20, referenced by George Osborne and Paul Ryan and used as a justification for the global austerity movement. Except.. the conclusions were based on a pretty important spreadsheet error. #data #austerity #politics #excel #hannahfry

Hannah Fry
Hannah Fry
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Region: US
Monday 22 January 2024 17:32:13 GMT
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sandmxmx
Jafa :
What’s the annual global cost of Excel errors?
2024-01-22 18:12:32
354
shieldsbrendan
shieldsbrendan :
Definitely not an excel error. Data was chosen to suit a narrative
2024-03-05 07:31:33
204
mobius8240
mobius8240 :
what's worrying is how many financial institutions rely on excel more than sticky tape and bubblegum to keep things running
2024-01-22 18:00:31
174
eddiesh55
Ed S H :
almost like peer review is something that should be observed.
2024-01-22 18:09:55
55
ellewoot
ellen :
I wish I didn't know this
2024-01-23 18:25:37
44
performingnerd
Tom Crosbie - Rubik’s Cube Guy :
Turns out PhD students know their stuff.
2024-01-22 17:45:36
76
kevintrainorsco
Kevin T 🏴󠁧󠁢󠁳󠁣󠁴󠁿 :
I really hope they did accidentally make that mistake and it wasn't policy-based data making.
2024-01-22 20:54:55
89
m3m3tic
m3m3tic :
Given that UK national debt has skyrocketed throughout austerity, why haven't we seen any trace of this positive impact?
2024-01-24 12:20:39
9
saltyseasausage
saltyseasausage :
I think they'd have just done austerity anyway tbh
2024-01-23 19:33:24
6
javaxcore
Elliott Riley :
they didn't do I accidentally.
2024-03-30 14:00:46
6
idiotdadontiktok
user9079161151890 :
I don't believe that was an error. I think they fudged their figures to prove their hypothesis
2024-01-24 00:29:25
13
mrmarjonny
user7458792906003 :
Yeah, I doubt very much that it was an error.
2024-03-21 10:36:45
7
anatheakrrill
Anathea Krrill :
Massive debt will be followed by a steeper economic growth. Not an endorsement for falling into debt. Steep growth doesn't necessarily equal prosperity.
2024-03-08 10:33:42
7
cam.jam1
Cam ✌🏻 :
This is not the reason for austerity, scientists shouldn’t try politics
2024-01-23 20:12:33
8
mprove
matthias mprove :
I understand what tiktok "urges you to do
2024-01-23 07:34:51
6
catzzo1233
C :
So interesting…was it an error?!
2024-01-22 17:55:21
6
skylarkin13
Sky🇬🇧 :
wowsers
2024-03-04 13:17:14
6
stanleyroot7
stanleyroot7 :
Nice one
2024-03-06 11:01:07
6
nulllate
Null :
yep and we still have politicians advocating for it... joy of my life as a political economist
2024-01-23 18:29:00
8
peterdoyle86
Peter Doyle188 :
that's unbelievable!
2024-01-22 20:47:11
9
annuallainaigh
Stiofán :
also capitalism
2024-01-23 17:48:57
6
circularityboss
Who let the boss out? :
Also, the World Bank, finances other central banks (country reserves almost anywhere are USD)
2024-01-23 05:12:49
5
babygirl42815
Eagle has landed 🦅 :
Then again, the debt to GDP skyrocketed under Tory compared to under Labour years.
2024-01-22 18:06:05
3
dan.gleeeballs
Dan Gleeballs :
How wasn't this picked up during the paper's academic review??
2024-01-23 04:39:03
2
user6618019233467
user6618019233467 :
oh it's all an accident that can't be corrected😂
2024-03-05 07:32:02
2
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