Here's the original quote, I'm not quite fully understand the first sentence.
- What does "One reads with dismay" mean?
- "On the basis of such sketchy data as stock price indices...". Does this mean the presidents were using incomplete data?
- Are the "stock price indices", "freight car loadings" just for emphasizing the word "sketchy data" or are they actual reality at that time?
One reads with dismay of Presidents Hoover and then Roosevelt designing policies to combat the Great Depression of the 1930's on the basis of such sketchy data as stock price indices, freight car loadings, and incomplete indices of industrial production. The fact was that comprehensive measures of national income and output did not exist at the time. The Depression, and with it the growing role of government in the economy, emphasized the need for such measures and led to the development of a comprehensive set of national income accounts
Richard T. Froyen
Thank you guys.