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Statistics for Economics, Accounting and Business Studies
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This text is aimed at students of economics and the closely related disciplines
of accountancy and business, and provides examples and problems relevant to
those subjects, using real data where possible. The book is at an elementary
level and requires no prior knowledge of statistics, nor advanced mathematics.
For those with a weak mathematical background and in need of some revision,
some recommended texts are given at the end of this preface.
This is not a cookbook of statistical recipes; it covers all the relevant concepts
so that an understanding of why a particular statistical test should be used
is gained. These concepts are introduced naturally in the course of the text as
they are required, rather than having sections to themselves. The book can
form the basis of a one- or two-term course, depending upon the intensity of
the teaching.
As well as explaining statistical concepts and methods, the different schools
of thought about statistical methodology are discussed, giving the reader some
insight into some of the debates that have taken place in the subject. The book
uses the methods of classical statistical analysis, for which some justification is
given in Chapter 5, as well as presenting criticisms which have been made of
these methods.
There have been some substantial changes to this edition in the light of my
own experience and comments from students and reviewers. There has been
some rearrangement of the chapters of the book, although the content remains
similar with a few changes to encourage better learning of the subject. The
main changes are:
n The old Chapters 2 (Index numbers) and 7 (Data collection and sampling
methods) have been moved to the end of the book. This allows a continuous
development from descriptive statistics, through probability concepts, to statistical
inference in the first part of the book. This will suit many courses
which concentrate on the use of statistics and which do not wish to focus on
data collection. Index numbers and data collection now form the final two
chapters which may be thought of as covering the collection and preparation
of data.
n The previous edition’s final chapter on time-series methods (covering seasonal
adjustment) has been dropped, but this chapter is available on the
website for those who wish to make use of it. It was apparent that not many
teachers used this chapter, so it has been dropped in order to keep the book
relatively concise.
n In most chapters, exercises have been added within the chapter, at the end
of each section, so that students can check that they have understood the
material (answers are at the end of each chapter). The previous edition’s
exercises (at the end of each chapter) are renamed ‘Problems’ and are mostly
Changes in this
edition
xiv Preface to the fourth edition
unchanged (with answers to odd-numbered problems at the end of the
book). The new exercises are relatively straightforward and usually require
the student to replicate the calculations in the text, but using different data.
There is thus a distinction drawn between the exercises which check understanding
and the problems which encourage deeper thinking and discussion.
n Some of the more challenging problems are indicated by highlighting the
problem number in colour. This warns that the problem might require
some additional insight or effort to solve, beyond what is learned from the
text. This may be because a proof or demonstration is demanded, or that the
problem is open-ended and requires interpretation.
n In a few places I have included some worked examples, but, in general, most
of the book uses examples to explain the various techniques. The new exercises
may be treated as worked examples if desired, as worked-out answers
are given at the end of each chapter.
n Where appropriate, the examples used in the text have been updated using
more recent data.
n There is a website (www.pearsoned.co.uk/barrow) accompanying the text.
For this edition the website contains:
– Powerpoint slides for lecturers to use (these contain most of the key
tables, formulae and diagrams, but omit the text). Lecturers can adapt
these for their own use.
– An instructor’s manual giving hints and guidance on some of the teaching
issues, including those that come up in response to some of the problems.
– Answers to even-numbered problems (available to lecturers).
– The chapter on seasonal adjustment of time-series data, mentioned above.
No more than elementary algebra is assumed in this text, any extensions being
covered as they are needed in the book. It is helpful if students are comfortable
manipulating equations so if some revision is required I recommend one of the
following books:
I. Jacques, Mathematics for Economics and Business, Prentice Hall, 2003.
E.T. Dowling, Mathematics for Economists, Schaum’s Outline Series in
Economics, McGraw-Hill, 1986.
J. Black and J. Bradley, Essential Mathematics for Economists, 2nd edn, Wiley,
1980.