Why we don’t need macroeconomic data in a free economy

Source: Ludwig von Mises Institute
by Frank Shostak

“It is common for commentators and economists in their discussions to continuously refer to something called the ‘economy’ — which sometimes performs well and at other times poorly. This ‘economy’ is presented as a living entity apart from individuals. For example, various experts report that the ‘economy’ grew by such and such percentage, or the widening in the trade deficit threatens the ‘economy.’ What do they mean by the term ‘economy?’ Does such an entity actually exist?” (04/04/17)