Synopses & Reviews
We are bombarded every day with numbers that tell us how we are doing, whether the economy is growing or shrinking, whether the future looks bright or dim. Gross national product, balance of trade, unemployment, inflation, and consumer confidence guide our actions, yet few of us know where these numbers come from, what they mean, or why they rule our world.andlt;BRandgt; andlt;BRandgt;In andlt;I andgt;The Leading Indicatorsandlt;/Iandgt;, Zachary Karabell tells the fascinating history of these indicators. They were invented in the mid-twentieth century to address the urgent challenges of the Great Depression, World War II, and the Cold War. They were rough measuresand#8212; designed to give clarity in a data-parched world that was made up of centralized, industrial nationsand#8212;yet we still rely on them today.andlt;BRandgt; andlt;BRandgt;We live in a world shaped by information technology and the borderless flow of capital and goods. When we follow a 1950s road map for a twenty-first-century world, we shouldnand#8217;t be surprised if we get lost.andlt;BRandgt; andlt;BRandgt;What is urgently needed, Karabell makes clear, is not that we invent a new set of numbers but that we tap into the thriving data revolution, which offers unparalleled access to the information we need. Companies should not base their business plans on GDP projections; individuals should not decide whether to buy a home or get a degree based on the national unemployment rate. If you want to buy a home, look for a job, start a company, or run a business, you should find your own indicators. National housing figures donand#8217;t matter; local ones do. You can find them at the click of a button. Personal, made-to-order indicators will meet our needs today, and the revolution is well underway. We need only to join it.
Review
and#8220;Our understanding of the economy is shaped by the numbers we use to measure it. In this engaging and subversive history, Zachary Karabell tells the story of how the indicators came to rule us, who invented them, what they actually tell us, and why we need to rethink all of them if we are to make sense of the world today.and#8221;
Review
and#8220;To any who treat the governmentand#8217;s economic data as if it were Holy Writ, Zachary Karabelland#8217;s book will come as a revelation. andlt;iandgt;The Leading Indicatorsandlt;/iandgt; is the fast-paced story of the statistics that occupy far too large a part of our national consciousness. If you always suspected that the GDP was a snare and the CPI a delusion, Karabelland#8217;s narrative will tell you just how right you were.and#8221;andlt;bandgt;andlt;/bandgt;
Review
and#8220;We live in a world of Big Data, and we are led to believe that it contains the truth of our lives. But the numbers that we use to tally our wealth, our productivity, and our very worth as human beings are based not on any absolute truth, but on the shifting sands of politics, culture, and the personal quirks of our leaders. Zachary Karabell is a thinker who understands why economics isn't a hard science. The Leading Indicators is a much needed book about economic numbers that tells us how muchand#8212;and how littleand#8212;they ultimately mean.and#8221;
Review
and#8220;An enchanting primer on the origins and foibles of our economic numbers, marked with biting critiqueand#8212;and building toward the case for something new, different and adapted to the digital age.and#8221;
Review
and#8220;[A] lucid measurement of how the United States is faring. . . . Readers of this intelligent introduction to iconic economic indices will agree that Karabell makes an excellent case.and#8221;
Review
and#8220;An amusing and eye-opening romp through the history of the powerful numbers, such as the unemployment and inflation rates, that influence the course of national policy. Theyand#8217;re not only out of date, they often point us in the wrong direction. Karabelland#8217;s surprising book shows that we donand#8217;t know what we think we know, and trillions of dollars hang in the balance.and#8221;
Review
and#8220;Karabell offers an engaging account of the history of these indicators, and his explanation of their flaws is both readable and useful for andlt;BRandgt; non-economists trying to make sense of the barrage of numbers with which they're pelted on a regular basis.and#8221;
Review
"[The Leading Indicators] demystifies a lot of current debates, explains its subject matter clearly and shows that the major published macroeconomic statistics are neither nonsense nor conspiracy. Most people could read this book with enjoyment and profit.and#8221;
Review
and#8220;andlt;iandgt;The Leading Indicatorsandlt;/iandgt; presents a potentially dry but important topic in an engaging manner, with wit and intelligence.and#8221;
Review
and#8220;How did we get to the era of Big Data? Karabelland#8230;mines little known tidbits in the history of economics to explain how individuals, companies, and countries came to rely on statistics like unemployment, inflation, and gross domestic product to describe the wealth of nationsand#8230;.In Karabell's hands economics is no longer and#8216;the dismal science.and#8217; More storyteller than analyst here, he succeeds in livening up how and#8216;the economyand#8217; came to beand#8221;
Review
and#8220;Zachary Karabelland#8217;s lively account, andlt;iandgt;The Leading Indicatorsandlt;/iandgt;, is a terrific introduction to the range of statistics economists and governments use to address these questions.and#8221;
Synopsis
How did we come by the "leading indicators" we place such stock in? We allocate trillions of dollars and make public policy and personal decisions based upon them, but what do they really tell us?
We are bombarded every day with numbers that tell us how we are doing, whether the economy is growing or shrinking, whether the future looks bright or dim. Gross national product, balance of trade, unemployment, inflation, and consumer confidence guide our actions, yet few of us know where these numbers come from, what they mean, or why they rule our world.
In The Leading Indicators, Zachary Karabell tells the fascinating history of these indicators. They were invented in the mid-twentieth century to address the urgent challenges of the Great Depression, World War II, and the Cold War. They were rough measures-- designed to give clarity in a data-parched world that was made up of centralized, industrial nations--yet we still rely on them today.
We live in a world shaped by information technology and the borderless flow of capital and goods. When we follow a 1950s road map for a twenty-first-century world, we shouldn't be surprised if we get lost.
What is urgently needed, Karabell makes clear, is not that we invent a new set of numbers but that we tap into the thriving data revolution, which offers unparalleled access to the information we need. Companies should not base their business plans on GDP projections; individuals should not decide whether to buy a home or get a degree based on the national unemployment rate. If you want to buy a home, look for a job, start a company, or run a business, you should find your own indicators. National housing figures don't matter; local ones do. You can find them at the click of a button. Personal, made-to-order indicators will meet our needs today, and the revolution is well underway. We need only to join it.
Synopsis
How did we come by the and#8220;leading indicatorsand#8221; we place such stock in? We allocate trillions of dollars and make public policy and personal decisions based upon them, but what do they really tell us?andlt;brandgt;andlt;brandgt;and#8220;The leading indicatorsand#8221; shape our lives intimately, but few of us know where these numbers come from, what they mean, or why they rule the world. GDP, inflation, unemployment, trade, and a host of averages determine whether we feel optimistic or pessimistic about the countryand#8217;s future and our own. They dictate whether businesses hire and invest, or fire and hunker down, whether governments spend trillions or try to reduce debt, whether individuals marry, buy a car, get a mortgage, or look for a job.andlt;brandgt;andlt;brandgt;Zachary Karabell tackles the history and the limitations of each of our leading indicators. The solution is not to invent new indicators, but to become less dependent on a few simple figures and tap into the data revolution. We have unparalleled power to find the information we need, but only if we let go of the outdated indicators that lead and mislead us.
About the Author
Zachary Karabell is an author, money manager, commentator, and president of River Twice Research, where he analyzes economic and political trends. Educated at Columbia, Oxford, and Harvard, where he received his PhD, Karabell has written eleven previous books. He is a regular commentator on CNBC, MSNBC, and CNN. He writes the weekly and#8220;Edgy Optimistand#8221; column for andlt;iandgt;Reuters andlt;/iandgt;and andlt;iandgt;The Atlanticandlt;/iandgt;, and is a contributor to such publications as andlt;iandgt;The Daily Beastandlt;/iandgt;, andlt;iandgt;Timeandlt;/iandgt;, andlt;iandgt;The Wall Street Journalandlt;/iandgt;, andlt;iandgt;The New Republicandlt;/iandgt;, andlt;iandgt;The New York Timesandlt;/iandgt;, and andlt;iandgt;Foreign Affairs.andlt;/iandgt;