Post shows how conventional statistics attempts to make inferences about imaginary parameters. It proposes an alternative. Real Statistics should use data to make inferences about the real world, instead of an imaginary world.
[bit.ly/dsia05E] – Part E of Lec 5:Descriptive Statistics: An Islamic Approach. This lecture explains the difference between classical Fisherian approach and our REAL statistics approach, within context of a study of the Quantity Theory of Money.
In previous portions of this lecture, we have emphasized the need for a new approach, which we call “Real Statistics”. In this lecture, we illustrate the differences between the conventional approach and our new approach using the already studied example of Australian Inflation. In this connection, it is of great importance to understand the following:
The DATA is ALL we have – The STATISTICAL ASSUMPTIONS imposed on the data DO NOT PROVIDE US with additional information. HOWEVER, all statistical inferences we make RELIES HEAVILY on these UNVERIFIABLE (and typically false) ASSUMPTIONS.
First Step of a REAL analysis: LOOK at the DATA with reference to a REAL world issue under examination. In this case…
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