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The standard method for making sense of economic data is to first decide on some sort of governing philosophy, (ie supply side, Keysianism). Then you simply wedge whatever data you come across into this philosophical framework. Occasionally, you will come across data that seems to invalidate the basic assumptions of your chosen philosophy- these data should always be treated as outliers and ignored, because hey, you already know how the market works, so it's the data that's wrong, not you.
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