Last week’s edition of The Economist published a story about how the U.S. Federal Reserve System writes the “Beige Book,” which is a short collection of anecdotes about the experiences of specific (but anonymous) people and businesses on things like wages, hiring, orders, etc. (“Storytime with the Fed: Low inflation means the Federal Reserve is changing whom it listens to” July 20, 2019) The Fed. compares these stories against their various analyses to form a better picture of what is going on in the economy. Apparently, the Beige Book really does affect their view points. The Economist’s article somewhat disdains their use of stories rather than just sticking with the numbers. After all, shouldn’t serious people follow the facts rather than getting emotional about heart-tugging stories? Continue reading “Balancing Math and Story Time”
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