Measures of Position - Percentile, Quartiles

Measures of Position-Percentile, Quartile
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Measures of Position-Percentile, Quartile
Summary: “We’re Measuring the Economy All Wrong,” by David Leonhardt
Leonhardt through the article demonstrates that the measurement of American Economy to be fully recovered after various financial depressions. The author notes that many people get wrong information about the low unemployment rates, soaring stock markets and increase of the gross domestic products at 20 percent. Nevertheless, Leonhardt admits that the financial crisis of the USA still exist even in the 21st century irrespective of the beautiful statistical information that economists provide to the media. In fact, USA faces a problem of inequality with the small affluent segment of the population getting the largest and growing share of bounty of the economy (Scott, & Leonhardt, 2005). Therefore, the author notes that the descriptive statistics the economists use only describe the broad American economy such as GDP that only describe the economy of the affluent segment of population.
How Article uses Descriptive Statistics
The glaring evidence on the statistics in the article is the use of cumulative changes of total-market stock index and the median household. Thus, the use of percentile comes in the implementation of the percentages and the median in presentation of information. Therefore, the statistical measurements of positions of value, relative to other values in a set of da...