Economic policy and statistics.

Abstract

The discrepancy between the develoment of agricultural policy and the situation of agricultural statistics in the EEC is noted and this leads to the question of the connexion between policy and statistics. An attempt is made to assemble the whole process of decision making in one analytical framework in order to attain the optimum result. An introductory section is followed by: (2) Decision theory; (3) The function of statistics in formulating economic policy; (4) The economic aspect of statistics; and (5) examples (fictitious). It is concluded that modern decision theory turns on the realization that the uncertainty involved in almost every decision must be specifically incorporated in the mechanism by which the decision is taken and cannot be eliminated by using some probability distribution, because it can only be evaluated by the decision maker. Finally, the advantages of the method for the policy-making body, the analyst and the statistician are summarized. A. T. S. (Abstract retrieved from CAB Abstracts by CABI’s permission)