This is a report on two different articles discussing errors in a paper “Growth in a Time of Debt” produced by leading economists Carmen Reinhart and Ken Rogoff. The errors have been discovered by Thomas Herndon – a graduate economics student at the University of Massachusetts Amherst .
According to Herndon (et al.) statistical information was incomplete and have been manipulated. Also Excel datasheet contained errors, therefore calculations were incorrect. Due to these facts the produced paper contained erroneous information.
I have chosen two articles that describe the incident from websites of the BBC and The Blog of the Roosevelt Institute. Both pages present information in simple ...view middle of the document...
I have chosen this article because it lays out the information in a very easy to read language that would be suitable for readers with very little or no in depth knowledge of economics. The article provides just right amount of detail and background information for general readers to understand the main topic. The Author of this page however goes into more detail discussing the nature of mistakes and providing examples of calculations from the initial research paper.
Objectivity Reading either article I could not notice that information is commercially biased. Both authors write that the original research paper contained errors and they mention European and American policymakers using this research to justify implementation of fiscal measures in their respective countries, which may suggest that authors may be swaying slightly towards political bias, even though neither author is offering their personal opinion directly.
Method Both articles are summarising the work produced by Thomas Herndon et. al3 when he tried to replicate results achieved by Carmen Reinhart and Ken Rogoff and published in their paper "Growth in a Time of Debt"4. Both papers are freely available online, which makes it very easy to verify the information on either of the web sites I am presenting in this report.
Provenance The BBC is known to be a reputable source of information. A quick summary about the author (Ruth Alexander, BBC) can...