by Frank Shostak
Mises.org
To gain an insight into future economic conditions, many economists follow a variety of consumer and business surveys.
The rationale for conducting surveys is that the knowledge regarding future economic conditions is dispersed, so the chances of any one particular individual obtaining an accurate picture of the economy are very low.
A large group of people selected randomly is therefore likely to yield the most accurate picture possible. Or so it is believed.
In these surveys, randomly selected consumers and businessmen are asked to provide their views about where the economy is heading.