Advantage Quote by Bryan Caplan
“There are two sources of error: Either you lack sufficient data, or you fail to take advantage of the data that you have.”
About This Quote
Source Article: Economic analysis of data errors
Errors arise from insufficient data or from not exploiting existing data effectively.
In simple terms: Bad data or poor use of data cause mistakes.
Key Takeaway
Gather enough data and use it wisely.
Themes
data analysis
error sources
decision making
Mood
analytical
pragmatic
Type
quote
educational
When to use this quote
- business strategy
- research
- machine learning
- policy making
Key Concepts
statistics
information theory
Questions to Reflect On
- What data do you lack?
- How can you better use what you have?
A Different Perspective
Focusing only on data quantity ignores quality issues.
![“Next came the Patent laws. These began in England in 1624; and, in this country, with the adoption of our constitution. Before then [these?], any man might instantly use what another had invented; so that the inventor had no special advantage from his own invention. The patent system changed this…” quote by Abraham Lincoln](https://sms4smile.com/quotes/img-quotes/449/abraham-lincoln-88_adoption_next-came-the-patent-laws-these-began-in_1828.jpg)
