Numbers and financial information are not easy to display and some visualisations can lead to confusions or misinterpretations.
Jeff Leek gathers in his book The Elements of Data Analytic Style (2015) some words from John Tukey, one of the most innovative data scientists:
“The data may not contain the answer. The combination of some data and aching desire for an answer does not ensure that a reasonable answer can be extracted from a given body of data”.
Alberto Cairo talks about a lack of reasoning in his last book The Truthful Art. On a previous post he said:
“We are surrounded by numbers, statistics, and scientific publications; and sometimes journalists publish huge barbarities.”
Below I have gathered three good examples when it comes to explaining and visualising complex data on economics issues:
China’s imports declined in 2015. This interactive by The Guardian shows compares this loss to the rest of the world through each country’s GDP:
Sources: Treasury Department; Bundesbank; Thomson Reuters
The Zeit Online creates several charts to compare the 100 million euros that Real Madrid was going to pay for Gareth Bale with other things that could have been bought with the same amount of money:
Sources: Boeing: Aero.de, Özil: DPA, ICE: wasistwas.de, Autobahn: Wikipedia, Kanzlerin: Wikipedia, Porsche: porsche.com, Sammer: transfermarkt.de, Fahrdienstleiter: arbeitsagentur.de
Do you have any other examples? Let me know in the comments