@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
Definitely not an excel error. Data was chosen to suit a narrative
2024-03-05 07:31:33
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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
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Ed S H :
almost like peer review is something that should be observed.
2024-01-22 18:09:55
55
ellen :
I wish I didn't know this
2024-01-23 18:25:37
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Tom Crosbie - Rubik’s Cube Guy :
Turns out PhD students know their stuff.
2024-01-22 17:45:36
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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
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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
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saltyseasausage :
I think they'd have just done austerity anyway tbh
2024-01-23 19:33:24
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Elliott Riley :
they didn't do I accidentally.
2024-03-30 14:00:46
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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
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user7458792906003 :
Yeah, I doubt very much that it was an error.
2024-03-21 10:36:45
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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
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Cam ✌🏻 :
This is not the reason for austerity, scientists shouldn’t try politics
2024-01-23 20:12:33
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matthias mprove :
I understand what tiktok "urges you to do
2024-01-23 07:34:51
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C :
So interesting…was it an error?!
2024-01-22 17:55:21
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Sky🇬🇧 :
wowsers
2024-03-04 13:17:14
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stanleyroot7 :
Nice one
2024-03-06 11:01:07
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Null :
yep and we still have politicians advocating for it... joy of my life as a political economist
2024-01-23 18:29:00
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Peter Doyle188 :
that's unbelievable!
2024-01-22 20:47:11
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Stiofán :
also capitalism
2024-01-23 17:48:57
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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
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Eagle has landed 🦅 :
Then again, the debt to GDP skyrocketed under Tory compared to under Labour years.
2024-01-22 18:06:05
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Dan Gleeballs :
How wasn't this picked up during the paper's academic review??
2024-01-23 04:39:03
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user6618019233467 :
oh it's all an accident that can't be corrected😂
2024-03-05 07:32:02
2
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