Categories
Economics

Accuracy and precision are different things

accuracy-precision

Accuracy is the absence of error; precision is the level of detail. Effective economic problem solving requires being accurate; but only being as precise as is helpful at any given stage of problem solving. In the pre-feasibility phase of a project, accurate but imprecise methods, rather than very exact methods will all consideration of all reasonable economic approaches. It will also minimise the tracking of needlessly detailed economic data.

Categories
Policy

While getting the one thing right, do more than one thing

focus

Economics is a field where there is a wide range of specialties, and economists are often called on to look at specific issues. Don’t get distracted by all the other possibilities to the extent that you forget to do the one thing that you must do. But don’t become so focused on the one thing that you don’t do as much as you can.