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Some people earn $0, others earn $1000000 a year. That doesn't mean mean an aggregate like mean income isn't useful
by dtech 6y ago
Some people earn $0, others earn $1000000 a year. That doesn't mean mean an aggregate like mean income isn't useful
- jessaustin 6y agoIncome is a perfect example of a quantity for which mean is not an informative statistic. Really, anything more-or-less bounded on one side is not well-characterized by the mean.
- learnstats2 6y agoIt precisely does mean that mean income isn't useful. Governments don't (or shouldn't) quote it, because it tells you more about the richest person than it does about the population as an aggregate measure.