3 ms·
'Median GDP' is a good version of GDP to give a somewhat balanced view of a typical citizens share of the pie. Also, we need to stop expecting a single number
by Gustomaximus 8y ago
'Median GDP' is a good version of GDP to give a somewhat balanced view of a typical citizens share of the pie.
Also, we need to stop expecting a single number to track. Any metric will always be flawed or managed. People need financial literacy and critical thinking to see the picture from altitude or I suspect many will be easily manipulated via relevant powerbrokers touting message appropriate single statistics.
- crazygringo 8y agoA median would do a great job of not being affected much by the top 1% or even 10%... ...but at the same time could be virtually unaffected by bringing the bottom 5% completely out of the worst poverty, which some people argue is the top priority, so I'd be worried about adopting this. I think we do need a single number though. As soon as you have multiple metrics, nobody knows how to balance them anymore. And it's infinitely easier and more realistic to ask our 'intelligentsia' to develop a more easily digestible metric, than to somehow turn all citizens into financially literate critical thinkers. Most people are too busy earning their salary to support and raise their families, to be able to spend the significant time investment required for that kind of critical financial thinking. It's too much of a burden to ask.