This article was originally published by Frank Shostak at The Mises Institute. For most analysts, if the gross domestic product (GDP) data shows an increase, then this is perceived as good economic news. Conversely, if the GDP data shows weakness, then this is regarded as a possible deterioration in economic conditions. Most analysts are data-driven. The reality for them is what they see. Thinkers such as Ludwig von Mises questioned this way of assessing the state of the economy. For Mises, data is an historical display and, by itself, cannot provide the analyst with a genuine understanding of the nature…
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