economics

54 posts
To explain or to eliminate, that is the question

Today, I take a look at another project from Ray Vella's class at NYU. (The above image is a honeypot for "smart" algorithms that don't know how to handle image dimensions which don't fit their shadow "requirement". Human beings should proceed to the full image below.) As explained in this post, the students visualized data about regional average incomes in a selection of countries. It turns out that remarkable differences...

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Displaying convoluted indices

I reviewed another batch of projects from Ray Vella's class at NYU. The following piece by Carlos Lasso made an impression on me. There are no pyrotechnics but he made one decision that added a lot of clarity to the graphic. The underlying dataset gauges the income disparity of regions within nine countries. The richest and the poorest regions are selected for each country. Two time points are shown. Altogether, there...

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Surging gas prices

A reader finds this chart hard to parse: The chart shows the trend in gas prices in New York in the past two years. This is a case in which the simple line chart works very well. I added annotations as the reasons behind the decline and rise in prices are reasonably clear.  One should be careful when formatting dates. The legend of the original chart looks like this: In...

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Did prices go up or down? Depends on how one looks at the data

The U.S. media have been flooded with reports of runaway inflation recently, and it's refreshing to see a nice article in the Wall Street Journal that takes a second look at the data. Because as my readers know, raw data can be incredibly deceptive. Inflation typically describes the change in price level relative to the prior year. The month-on-month change in price levels is a simple seasonal adjustment used to...

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Two commendable student projects, showing different standards of beauty

A few weeks ago, I did a guest lecture for Ray Vella's dataviz class at NYU, and discussed a particularly hairy dataset that he assigns to students. I'm happy to see the work of the students, and there are two pieces in particular that show promise. The following dot plot by Christina Barretto shows the disparities between the richest and poorest nations increasing between 2000 and 2015. The underlying dataset...

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Come si dice donut in italiano

One of my Italian readers sent me the following "horror chart". (Last I checked, it's not Halloween.) I mean, people are selling these rainbow sunglasses. The dataset behind the chart is the market share of steel production by country in 1992 and in 2014. The presumed story is how steel production has shifted from country to country over those 22 years. Before anything else, readers must decipher the colors. This...

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Losses trickle down while gains trickle up

In a rich dataset, it's hard to convey all the interesting insights on a single chart. Following up on the previous post, I looked further at the wealth distribution dataset. In the previous post, I showed this chart, which indicated that the relative wealth of the super-rich (top 1%) rose dramatically around 2011. As a couple of commenters noticed, that's relative wealth. I indiced everything to the Bottom 50%. In...

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Finding the hidden information behind nice-looking charts

This chart from Business Insider caught my attention recently. (link) There are various things they did which I like. The use of color to draw a distinction between the top 3 lines and the line at the bottom - which tells the story that the bottom 50% has been left far behind. Lines being labelled directly is another nice touch. I usually like legends that sit atop the chart; in...

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This holiday retailers hope it will snow dollars

According to the Conference Board, the pandemic will not deter U.S. consumers from emptying their wallets this holiday season. Here's a chart that shows their expectation (link):   A few little things make this chart work: The "More" category is placed on the left, as English-speaking countries tend to be read Left-to-Right, and it is also given the deepest green, drawing our attention. Only the "More" segments have data labels....

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Locating the political center

I mentioned the September special edition of Bloomberg Businessweek on the election in this prior post. Today, I'm featuring another data visualization from the magazine. *** Here are the rightmost two charts. Time runs from top to bottom, spanning four decades. Each chart covers a political issue. These two charts concern abortion and marijuana. The marijuana question (far right) has only two answers, legalize or don't legalize. The underlying data...

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