The Problem of Accuracy of Economic Data

In his classic book On the Accuracy of Economic Observation Oskar Morgenstern deals with a common, yet widely neglected problem which economic historians are faced, namely quality data. For historian in Austrian tradition, data is utmost importance, since false or belief inaccurate can lead to faulty interpretations past.
 The at least as important for economists who adhere positivism economics, they use confirm falsify their models.
 Likewise, Morgenstern’s insights relevant mathe-matical economists, it makes sense perform computations and solve system mathematical equations only if one has reliable 
 sample show significance small error observation. Yet, more complex extensive operations extent due unreliable may increase (or, depending on equation, errors cancel out). It indeed surprising note how much accuracy been neglected.
 This not so physical sciences. There observation always explicitly mentioned. Yet economics there simply no estimate. means that we do know presented us. even troubling when consider social possible sources than We therefore face question why rarely mentioned passed over silence while sciences this acknowledged.