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Business Econ 545 Project Paper

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Business Economics GM545

Chapter 15: Q14 There is a lot to be said about being a part of a national estimation or basic "guesstimation "in my mind. Any time there is a standard that is based on a calculation of how much the average versus the absolute, and then you are always going to have a situation where the guess may not be as all inclusive as needed be. When Richard Stone came up with the system to gauge how much is being spent in each household and funneling back into the market this was a "just-about" ingenious way to make sure we know what is going on in our economic basic structure. Coming up with a way to measure the expenditures of the Americans in comparison to other nations can be very useful when trying to figure out the needs that society may have and what it takes to fill the gaps however, this can take an unforeseen turn of events just as it did in the days of the great depression. The problem with accurate representation from a society that income fluctuates based on shortcomings in the ability to employ the employable is that income is never the same. There are businesses in this country that go unaccounted for and there are businesses that are being accounted for that is no longer in existence and this affects the estimation. If this information is not taken into account the numbers or end result will definitely be an inaccurate one. Just like in the days of the days of the Great Depression the information that was used to devise the needs of the American people came in slow and the resources to gather information was outdated so this made it very hard for our leadership to come up with policies to address the needs of the public in a timely and efficient manner. I believe that we are definitely being held by a limited amount of data that is available only to databases and government agencies on a need to know basis. If…...

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