Consider the following items: instant photography, duct tape, Tupperware, the microwave oven. What do they have in common? They were all invented in the 1940s, the same decade the economic survey techniques – utilized today – were created.

These methods of collecting economic statistics were revolutionary at the time and served their purpose. Today though, whether intended or not, one-size-fits-all figures are seemingly irrelevant in a widely diverse nation. Why?

Key themes are antiquated:
Time Late Data
Want to know consumer spending in New York, here is the report. Consumer households in the … Read More