Measuring the Economy

We can’t understand the economy unless we understand economic statistics. Measuring the Economy, intended for students of economics and related subjects, brings to life the importance of economic measurement. We aim to explain key economic concepts and how these apply in real life, including the new challenges and opportunities of measuring the modern economy, and show how economic measurement helps and informs policymaking, and so benefits all of us as citizens.

Each chapter is written by leading experts. Our aim is to show students which economic statistics are available, why they are important, to examine how they are measured, and discover the challenges of using them and how those challenges are overcome. Economies are constantly evolving, and the material will be regularly updated to take account of the latest developments.

Good policymaking relies on good economic data, and an understanding of how that data can help us make sense of a system as vast, complex and fast-moving as a modern-day economy.

For those interested in economics and economic policy, this book explains clearly the concepts, challenges and controversies that lie behind our measurement of the economy, and the methods we use to make measurement practical.

I hope this volume will improve our understanding of how measurement makes our economies stronger and our policies more effective.

Andy Haldane
Chief economist, Bank of England