Dr. Jonathan Newman joins Bob to break down the data used in a popular productivity vs. pay graph. They show why you should be wary of charts coming from agenda-driven institutions and how you can spot manipulated data.
The charts mentioned during this episode are available at: https://Mises.org/HAP414Charts
Gene Epstein on the Bob Murphy Show: https://Mises.org/HAP414a
The Economic Policy Institute 2022 Paper: https://Mises.org/HAP414b
The Economic Policy Institute 2015 Paper: https://Mises.org/HAP414c
Gene Epstein’s Mises University ‘Dirty Data’ Lecture: https://Mises.org/HAP414d
FRED Blog Post on the Chart and Price Indices: https://Mises.org/HAP414e
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Chapters
00:00 The White House, The Fed, and The Economy
00:40 Introduction
01:38 Misleading Data Shifts the Blame for the Compensation Gap
13:57 How the Data was Manipulated
24:08 Other Ways to Visualize The Data
30:44 The Big Picture on the Pay Gap Data
49:54 Is the Fed Influencing the Pay Gap