How Statistics Saved the Human Race

• Activity Number: 47
• Type: Other
• Date/Time: Sunday, August 4, 2013 : 4:00 PM to 5:50 PM
• Sponsor: ASA
• Author(s): Stephen M. Stigler*+
• Companies: The University of Chicago

Abstract

Statisticians are generally agreed that the field of statistics is of value to society, but attempts to articulate the nature of that value often come up short. Yes, it is nice that we can count populations efficiently and economically. Indeed, our ability to balance risks in setting insurance premiums is beneficial. We can reduce vast collections of data to simple summaries, sometimes with little loss. We can also extrapolate, in Mark Twain's words, to gain "wholesale returns of conjecture out of . a trifling investment of fact." The history of statistics, however, shows us that the field has been far more important than is usually claimed.