What was the purpose of the Friedmans bureau
The Friedmans Bureau, officially known as the Bureau of Economic Analysis (BEA), was established to provide reliable economic statistics to help analyze and understand the state of the US economy. It was created in 1972 by economists Milton and Rose Friedman, who believed that accurate and comprehensive economic data was essential for informed policy-making and decision-making.
The bureau conducts research, collects data, and prepares economic measurements, including the Gross Domestic Product (GDP), national income and outlays, and other related statistics. It aims to provide policymakers, businesses, and the public with accurate and timely information on economic trends, performance, and potential risks.
The Friedmans' vision for the bureau was to enhance transparency and accountability in economic policymaking by providing objective and standardized data. By having access to reliable economic statistics, policymakers can make informed decisions, businesses can plan and strategize effectively, and the public can have a better understanding of the country's economic health and well-being.