4 ms·
In terms of income, I'm talking about medians, you're talking about means. If you want a solid indicator of how prices and wages affect people, I would suggest
by michaelchisari 16y ago
In terms of income, I'm talking about medians, you're talking about means. If you want a solid indicator of how prices and wages affect people, I would suggest looking at the median values, which are not skewed by wealth disparities.
Also, you have to take certain factors in to account, such as the utility of the purchases in determining the effects of food prices eclipsing inflation. DVD players may have gone down in price, but that doesn't help much when you need to eat.
Also taking into account stratification in food quality (as mentioned above), availability, etc. is also important.
- yummyfajitas 16y agoNo, I'm talking about a wage index. It attempts to measure wages, while ignoring factors like hours worked, jobs worked, etc. I.e., if I quit my job as a trader and get a job as a bike messenger, wages haven't gone down in either profession.