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Donald J. Boudreaux

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Assessing Risks Accurately Requires Accurate Information – Donald J. Boudreaux

Recently while on a hike I twisted my ankle. The pain was unpleasant, and I was annoyed by the consequent down time from physical exercise. I could have inferred from this experience that my hiking boots are inadequate. Had I made this inference, I’d have purchased a new, higher-quality pair of hiking boots. One result would have been a reduced probability of twisting my ankle and, thus, suffering pain and downtime from exercising. This result, standing alone, would obviously have been beneficial.
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Behind Seemingly ‘Objective’ Statistics – Donald J. Boudreaux

Is this “growing inequality” not a fact? Who really knows? But whether in some purely arithmetic sense it is or not, it would never have been made the basis for public policy proposals to “correct” the situation if statisticians had not constructed “the distribution of income” in the first place. It is hard to imagine another statistical artifact better calculated to feed the fires of envy and political rapacity. Such information is unnecessary for the conduct of a just government but well-nigh indispensable for the operation of a predatory one.