By David McWilliams
Walking around Dublin these days, it appears that everyone is on the phone.
It is impossible to stand in a queue or in a public space and not be amazed by the amount of gadgetry and texting and chatting that is going on.
This communication business continues to grow in all sorts of unanticipated ways as more and more people all over the world get connected.
For example, did you know that every minute of every day, 35hours of content are uploaded to YouTube?
It is important for those of us who watch the economy to be aware of what is going on in mobile phone companies.
Reading the economic tea leaves is a crucial part of the economics profession, and most economists have a favourite set of figures.
Mine is mobile phone company results.
Details in a mobile phone company’s accounts tell us more about what is going on in an economy than other more commonly used leading indicators. Looking at the right figures to predict the next moves in the economy is crucial because after all what use are economists if they can’t tell you what is likely to happen in the future?
You’d be pretty dismissive of a doctor who couldn’t diagnose you in advance, but could tell you on your deathbed that you had a fatal disease.
see full article at source here : http://www.davidmcwilliams.ie/2011/06/28/ecb-is-merely-phoning-it-in