(Bloomberg View) -- Most human beings suffer from what psychologists call confirmation bias. When we hear a story that we already believe is true, we trust the storyteller even more.

In the age of big data, the story often comes in the form of a graph. And so it is that most of us in the economics profession and financial press find ourselves with egg on our faces. The so-called Elephant Graph, which many of us had labeled the most important in the world, probably doesn’t show what it claims to.

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