Statistical data are straw out of which all economists have to make bricks. Explain.

Dear Student,

This indeed is a statement highlighting the importance and role of statistics in Economics, as Marshall said, ''Statistics are the straw out of which I, like every other economist, have to make bricks''. Statistics is a statement of facts that direct us towards the solution of various economic problems, helps us in the formulation of various economic laws/policies and lead to effective economic planning. As statistics is an integral part of economics, the data is extensively used to make comparisons of the development stages of a country with others, to overlook the problems of an underdeveloped countries e.g. poverty, unemployment, etc. Thus, statistics tends to be the fundamental component for any economic planning.