Regional Economic Statistics

• Main Authors: Peare, C. W. D., THOMAS, Howard
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1968
• Subjects: Business; Economics; Management Sciences and Quantitative Methods
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/3934; https://www.jstor.org/stable/2343526
• Institution: Singapore Management University

The reasons for interest in Regional Economic Statistics are very similar to those which apply at a national or international level. In this context a three-part suggestion by Pyatt (1968) may be considered. First, statistics provide an historical record; second, they provide a guide in the formulation and execution of policy; and third, they contribute to the general understanding of how the economic system works. Current interest in Regional Economic Statistics centres largely on the second and third of these reasons. In recent years Regional Economic Policies have attracted a considerable amount of attention. Effective and efficient policy making demands an adequate factual background, and any attempt to influence the course of events in an economy or in a region presupposes a knowledge of the economic and social relationships which control the variables it is desired to influence. However, for decision making it is not sufficient to know how the mechanism works; it is of prime importance to have accurate and recent information on the state of the system at the time of the inauguration of any policy. Planning is a continuous process and policies must be altered from time to time in a continuously changing environment, so information on the progress of the economy or region ought to be available at frequent intervals. However, there is a danger in adding to the existing collection of statistics in a hurried fashion. Sufficient thought must be given to a number of non-statistical problems which require solutions before a statistical framework is superimposed.