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Inflation: Reducing Data to ONE Number

Summary:
bit.ly/dsia04b – Part B of Lec 4 on Descriptive Statistics: An Islamic Approach. The general concept of data reduction is based on making theoretical assumptions which allow us to reduce data to a few sufficient statistics. There is no justification, other than mathematical and computational convenience, for these assumptions. We discuss whether or not it ...

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bit.ly/dsia04b – Part B of Lec 4 on Descriptive Statistics: An Islamic Approach. The general concept of data reduction is based on making theoretical assumptions which allow us to reduce data to a few sufficient statistics. There is no justification, other than mathematical and computational convenience, for these assumptions. We discuss whether or not it may be suitable to reduce diverse data on inflation in different categories of goods, to one overall number for inflation.


Asad Zaman
Physician executive. All opinions are my personal. It is okay for me to be confused as I’m learning every day. Judge me and be confused as well.

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