Jon Hartley: Big Data Revolutionizing the Gathering of Economic Statistics

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Real time economic statistics are now becoming more a reality than distant pipedream, thanks to the burgeoning Big Data revolution. The gathering of timely data is extremely important, and will allow for much more optimal decision making throughout the economy. Cris welcomes Jon Hartley, Co-founder of Real Time Macroeconomics LLC. They discuss the concept of “now-casting” vs. forecasting, the Billion Prices Project at MIT, and if his firm is a threat, or more of a complement, to the official government BLS statistics. Jon notes the lack of innovation for decades in gathering economic statistics, and how the arrival of Big Data is disrupting standard data gathering procedures. Jon also gives his thoughts on the possible manipulation of government statistics. For full access to the interview, please login or click here to subscribe.

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