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Econospinning download epub

by Gene Epstein


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Gene Epstein knows a thing or two about economic data. Econospinning is beautifully written, funny and provocative in a good way. Author Gene Epstein confronts the elite media and helps us think more clearly about the economy.

Gene Epstein knows a thing or two about economic data. He questions where we're heading on social security, medicare, medicaid, and guides us through the media spin.

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Gene Epstein knows a thing or two about economic data. Goodreads helps you keep track of books you want to read. Start by marking Econospinning: How to Read Between the Lines When the Media Manipulate the Numbers as Want to Read: Want to Read saving.

Now, in Econospinning, Epstein provides readers with a book that attempts to see through the veil of economic .

Now, in Econospinning, Epstein provides readers with a book that attempts to see through the veil of economic misinformation commonly reported in today's media and offer facts in its place. Epstein discusses economics, assuming no prior knowledge on the part of the reader-which he admits, they'd only have to 'unlearn' anyway depending on who they are getting their information from.

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Epstein finds little fault with government's economic numbers and plenty of fault .

Epstein finds little fault with government's economic numbers and plenty of fault with the reporters and pundits who use those numbers. Econospinning: How to Read Between the Lines When the Media Manipulate the Numbers by Gene Epstein. The Quarterly Journal of Austrian Economics 10, No. 3 (Fall 2007): 250–253. This book reconsiders the economic role of labor unions by challenging fundamental assumptions.

com/24237/Gene Epstein.

Gene Epstein (born 1944) is an American economist. He calls himself a follower of the Austrian School of economics and is an associated scholar at the Ludwig von Mises Institute in Auburn, Alabama. Epstein earned a BA from Brandeis University and an MA in economics from the New School. He taught economics at St. John’s University and the City University of New York

Now in Econospinning, Epstein supplies readers with a book that attempts to cut through the veil of economic . Gene Epstein knows a thing or two about economic data.

Now in Econospinning, Epstein supplies readers with a book that attempts to cut through the veil of economic misinformation commonly reported in todays media. Assuming no prior knowledge on the readers part, each chapter of Econospinning is structured around fairly simple propositions about the economy or about specific economic data-from tracking employment numbers to measuring corporate profitability-that are then contrasted with the distortions of todays media coverage.

Повторите попытку позже. Опубликовано: 11 мар. 2010 г. Gene Epstein discusses his book EconoSpinning on the Larry Parks Show

com/24237/Gene Epstein. Повторите попытку позже. Gene Epstein discusses his book EconoSpinning on the Larry Parks Show. Econospinning has everything going for it. The book's focus - howeconomists and publications mislead readers, often to buttresstheir ideological positions - is inherently important. There is lots more to Epstein's book and it is all of thehighest quality. Quarterly Journal of AustrianEconomics, Winter 2007).


Comments: (7)

Rleillin
A great guide to political spinning using economic indicators. The book goes over the use of a number of economic statistics such as employment numbers, poverty and health care coverage and provides the real meaning of these numbers vs. the political spinning.
Vivaral
This is one of a number of "how to lie with statistics" books that are worth reading, thinking about, and re-reading. The examples may be many years old, but the decisions made on their basis are reverberating today. Paul Krugman's writings get much attention, but Steven Levitt, Lou Dobbs and Barbara Ehrenreich come in for scrutiny as well.
The big takeaway in this book is, "Don't accept any pronouncement on economics until you've looked at the numbers behind it."
Ral
The author contends much of the economic news we get is wrong. Some of it is intentionally

wrong, provided by politicians or partisans, and hence the title. Some of it is manufactured

news, turning a statistically insignificant change into a headline, and some is just wrong.

People make mistakes.

This is an important and useful book. I wish everyone would read it. The examples are from

USA, but similar things probably happen everywhere. The book is not partisan. Errors that

favor Democrats and errors that favor Republicans are both covered. There are various other

examples that are not political.

If you consider this book, you might also try "On the Accuracy of Economic Observations" by

Oskar Morgenstern, who is most well known for his work with John von Neumann on "The Theory of

Games and Economic Behavior." It is much drier, but more thorough; the examples are far from

current, but most of the underlying problems probably still exist.

The biggest problem with this book is the inaccuracy of the title page. Most readers construe

"spinning" as self serving versions of reality. There is some of that. Paul Krugman gets a lot

of attention, but most of it is deserved. Some other statements, by Krugman and others, are in

areas that seem grayer than Epstein believes. Some of his examples are of manufactured news,

typically a released statistic showing a tiny change, with error bounds much larger than the

change, becomes a news story treating the statistic as real, and accurate. Some seem to be

just errors. Humans make mistakes.

The subtitle is a bigger problem. Epstein does not tell us "How to Read Between the Lines When

the Media Manipulate the Numbers."

My suggestion to the media: report all the data, including pointers to the raw data and the

methods used to gather it. Let the readers decide how to interpret it.

My suggestion to the public: Be skeptical. Ask for details. Read the analysis provided by those

you tend to disagree with.

In spite of the flaws, I still recommend the book. You can learn how big the gulf of possible

error is. But remember the gulf is probably much larger than this one book reveals.
Lightwind
I am an average reader to economists: never took a course in the subject, have read and heard statistics quoted and interpreted in the mass media. I appreciate the correction in this book of errors in the mass media. I shall look upon the writers and publications scrutinized by this book with stronger analysis now. But I wish the author of this book had enjoyed the privilege of a better editor.

One disappointment about this book is that it itself commits errors. In the name of identifying journalist errors, it commits author errors. They are of the sort a non-economist editor would notice. They may not always affect the author's thesis or argument but they make the thesis and argument less accessible to the public.

(Page number references are from the year 2005, hardcover edition.)

One type of error is carelessness. In a somewhat unimportant error, Epstein says that unincorporated self-employment is the only category that the Household Jobs Survey includes and that the Establishment Survey omits (33). Epstein himself was pointing out three paragraphs earlier, though, that agricultural occupations -- farming, forestry, fishing, and hunting -- are overlooked by the Establishment Survey while included in the Household Survey. Even though the growth of agricultural occupations was flat over recent years, to say later that only unincorporated self-employment is tracked by the Household Survey and omited by the Establishment Survey is to speak too loosely for the average reader to follow.

Epstein complicates acceptance of his views by committing errors of inconsistency. First, he points out that unemployment duration is longer now than in earlier decades because women have come to participate in the work force in more serious career positions and look for work more carefully after they leave their job. The work force is older and older workers are also more careful about what position they accept. (46) Later, he says that Bureau of Labor Statistics economists adjust for the 1994 redesign of the Household Survey and find that unemployment duration was longer in 1990 than in 2000, and 2000 durations were not longer than in 1980. (48) What makes this inconsistency even bigger is that he just went through a long analogy to cancer, to explain a job situation in which unemployment durations are longer. He said there are more cancer cases nowadays only because more people live longer, comparing people who live longer to women and older people who look for work more carefully. Enviromental and dietary factors are not to blame for more cancer cases, just as the job market is not to blame for longer durations of unemployment. (45-46) So, there must be longer durations of unemployment in recent years --- or have there not been?

Epstein's wording is also misleading sometimes --- not saying what he intends to say. The Bureau of Labor Statistics revised their definition of Hidden Unemployed in 1994 by adding two new qualifications to the old ones ("also had to answer yes to these two questions", p. 63). One of those old qualifications was giving a job market reason for not looking for a job during the past month. But after he describes the two new qualifications, he says most of those who meet them "gave reasons other than discouragement for not having looked for work over the past month". But that reason was required under the old design; it is still required to be included in the Hidden Unemployed category. It takes a lot of thinking about it, puzzling, to figure out that those two new qualifications for Hidden Unemployment really aren't in addition to the old ones but are part of a different combination of qualifications to be fit in that category.

Also misleading is Epstein's use of "discouragement". Discouragement means more than some type of reason for not looking for work. Although in normal conversation, discouragement is a term that could describe an attitude about the job market, in this discussion the term has a larger meaning. Discouragement is a BLS category of responses to a lot of questions. It means all of the qualifications that the BLS looks for in fitting an individual into this category. Confusion results from using the same term in the same discussion, without note, in different ways. He says that most of those who "also had to answer yes" to the two new questions gave reasons other discouragement for not looking for a job. His decision to use the word "discouragement" for giving other than a job market reason throws the passage into chaos. We are to think that even though they are not "discouraged", they are Discouraged Workers.

These four writing style errors were found by reading three chapters. Imagine how much difficulty and error results from reading the whole book!

It is very entangled writing, and makes for much re-reading, not say dizziness. Just as the mass media's often brief treatment of the economy makes their audience unsure what to think without further reflection, Gene Epstein's unclear and inconsistent presentation keeps his readers unsure what to think, too. If this is supposed to be a book so the average person can make sense of mass media coverage, it should be more accessible to the public.
Econospinning download epub
Author: Gene Epstein
ISBN: 0470278609
Category: Business & Money
Language: English
Publisher: Wiley-Blackwell (an imprint of John Wiley & Sons Ltd); 3rd edition (December 19, 2008)


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