2 ms·
But economic statistics are not made with the goal of "finding out how average Joe is doing", but to answer the question "what't is in it for me? where i should
by anovikov 4y ago
But economic statistics are not made with the goal of "finding out how average Joe is doing", but to answer the question "what't is in it for me? where i should invest? and in which instruments?". It's audience is private investors and fund managers. Not even politicians - they live in post-truth world, they need to know how to better manipulate people into believing what they need them to believe, what's actually going on is of secondary importance.
And for this, we need means, not medians. Sure vast majority of profits is made from consumption of the top 10%. Rest are just taken for a ride (not even exploited properly, and this is a big departure from things were 100 years ago when the rest were equally desperate, but at least necessary).