By Aman Kayal, Academic Content Writer of Economics
Today, we increasingly use Statistics to analyse serious economic problems such as rising prices, growing population, unemployment, poverty etc., to find measures that can solve such problems. Further, it also helps to evaluate the impact of such policies in solving the economic problems. For example, it can be ascertained easily using statistical techniques whether the policy of family planning is effective in checking the problem of ever-growing population. In economic policies, Statistics plays a vital role in decision making. For example, in the present time of rising global oil prices, it might be necessary to decide how much oil India should import in 2025. The decision to import would depend on the expected domestic production of oil and the likely demand for oil in 2025. Without the use of Statistics, it cannot be determined what the expected domestic production of oil and the likely demand for it would be. Thus, the decision to import oil cannot be made unless we know the actual requirement of oil. This vital information that helps to make the decision to import oil can only be obtained statistically