By Samuel Kotz, Norman L. Johnson
This can be the second one of a quantity selection of seminal papers within the statistical sciences written in the past a hundred years. those papers have each one had a very good effect at the improvement of statistical thought and perform during the last century. every one paper is preceded by means of an creation written by means of an expert within the box supplying heritage info and assessing its impact. Readers will take pleasure in a clean outlook on now well-established beneficial properties of statistical thoughts and philosophy through turning into conversant in the methods they've been built. it truly is was hoping that a few readers might be prompted to check many of the references supplied within the creation (and additionally within the papers themselves) and so reach a deeper historical past wisdom of the root in their paintings.
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There should also be some constancy in the growth gap among nations. But every nation in the world has experienced abrupt fluctuations; most have also seen their faster rates become slower, or vice versa, even though the culture of the country had not changed significantly. The erratic behavior of GDP figures in numerous countries (particularly over short periods) suggests that culture at best plays a marginal role in growth. Japan, for example, averaged an economic growth of more than 11% in the 1960s, while in the 1990s growth was less than 2%.
8% in real terms (the official figures were almost twice as high). Despite the massive waste of resources in the second half of the 20th century, the economy of China and Vietnam grew significantly faster. 3 Also worth noting is that during the course of the second half of the 20th century, the large majority of countries in the world progressively exposed their economies to higher levels of competition. That was accompanied by a progressive increase of efficiency. However, the economic growth in the large majority of countries progressively decelerated, the rate of technological development diminished, and the pace by which living conditions improved slowed.
Many government ministries work on a quarterly basis and every three months they publish the latest GDP statistics together with several others that measure unemployment, inflation and other macroeconomic variables. To measure the performance of an economy and the worthiness of policies, however, it is useless to look at a yearly figure or less still a quarterly statistic. Economists are interested in seeing the big picture and for that they need to analyze a longer period (such as a decade, or more) to appreciate the long-term effect of policies.