100 Economics Question of the Day: An Intermittent Blog: Obviously Lying with Statistics

Thursday, September 01, 2005

Obviously Lying with Statistics

Advert on CNBC from a company helping to reduce business debt:

Text 1: 4 Businesses Fail Every Minute.

Text 2: 40,000 Businesses Fail Every Month.

What's wrong with this, you ask?

60 minutes in an hour * 24 hours in a day * 30 days in a month = 43,200 minutes/month

So if the first were true, that would be ca. 173K failures a month.

Given that their mathematical skills are that bad, why would anyone use the firm for debt relief?

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