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Statistics overrated

For the German daily Süddeutsche Zeitung the quarterly statistics for gross domestic product (GDP) are not a reliable basis for effective economic policy: "Whether GDP goes up or down by one percent is completely irrelevant for office workers. ... If the figure is high, the companies did well. But for the average citizen what counts is how much goes into their pockets. ... Moreover, it is long-term development that matters. ... Instead of debating schemes to give the economy a quick boost [politicians] should be concentrating their energy on how the state can create good conditions for growth - growth that benefits the majority of the population - in the long term. ... It is more effective to invest in education. Highly qualified workers have less to fear from cheap competition from abroad. This strategy may not improve the GDP figures for the next quarter but it would certainly improve the long-term prospects of employees."

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