Douglas Carswell

27 FEB 2013

The path to prosperity

The economy actually grew last year, the Office of National Statistics now tells us.  In its latest revision to the numbers, output expanded by 0.2 percent - as opposed to the 0 percent they thought earlier.

This could be it! This could be the answer to our economic troubles. Keep on getting the statistics agency to upwardly revise the data, and we'll be rich. 

All it needs is another dozen or so upward revisions, and the economy will be booming.  

Okay, so maybe it is ridiculous to believe that retrospectively revising the official data upward is the way to make us rich.

But is it any less daft than the idea that printing more money produces prosperity (quantitative easing)? Or the notion that cheap credit delivers growth?

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