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westward comments on Mathematicians and the Prevention of Recessions - Less Wrong
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Minor quibble here...It's my understanding that the DJIA is not useful indication of a cost to the economy.
The DJIA is very useful historically, because it's the best index we have for the US before the S&P 500 came into being. In the present tense, it's the finance equivalent of RBI in baseball - it's easy to calculate and a lot of people like it because it's been in the headlines since the 19th century, but there's other numbers that do the same job more effectively.