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"That GDP does not increase my quality of life." I agree. As I said in my first post: "prices of goods [eg. healthcare] are inflated in the US compared to simi
by mrb 3y ago
"That GDP does not increase my quality of life."
I agree. As I said in my first post: "prices of goods [eg. healthcare] are inflated in the US compared to similar goods in the EU". So concretely, if healthcare prices increase in the US, but remain constant in the EU, this would increase the PPP GDP of the EU.
What I meant to write is: if the PPP GDP increases in the EU faster than in the US, with all else being equal (eg. stable population) it would imply the standard of living is increasing faster in the EU than in the US.
- dogma1138 3y agoGDP PPP in the US is identical to the nominal GDP in the US since the purchasing currency in the US is the US dollar. > What I meant to write is: if the PPP GDP increases in the EU faster than in the US, with all else being equal (eg. stable population) it would imply the standard of living is increasing faster in the EU than in the US. No it doesn’t mean anything of the sort in fact high nominal GDP to GDP PPP ratio usually indicates a low standard of living and a developing economy the Eurozone is an anomaly in this regard mainly due to its developed infrastructure and social institutions. And don’t forget that your GDP PPP can be twice that another county whilst your median income is can be 10 times lower. Median income per capita adjusted for PPP would be a better albeit an imperfect measurement of it since the standard of living is dependent on so many other things. In which case there are only 4 countries which have higher median income PPP than the US, UAE, Luxembourg, Switzerland and Norway. AIC/household final consumption expenditure is another good indicator for standard of living and wealth in which case the US is #1.
- FredPret 3y agoUS economic performance is all the more OP if you take into account that it's a huge country of 350m people and has a diversified economic base. For a tiny banking nation or petrostate to be rich is unsurprising. But when it's half a continent, the world really ought to take out their notebooks and go into full copycat mode - at least as far as economic policy and attitudes are concerned.
- beebeepka 3y agoAre you suggesting the EU should start pillaging countries? What petrostate should we liberate to becone self-sufficient? As luck would have it, the US achieved that right after conquering Iraq
- ffhhttt 3y agoAre you saying that the war in Iraq was in anyway profitable for the US? > As luck would have it, the US achieved that right after conquering Iraq Yes? A whole of of things happened back. I’m really not sure what are you implying here? Did they secretly ship Iraqi oil to the US and pretend it was extracted there? > What petrostate should we liberate to becone self-sufficient Uhm.. Libya? Or did everyone already forget that?
- rootw0rm 3y agoI'd personally recommend liberating Venezuela
- nvm0n1 3y agoThe US is self-sufficient in oil because it developed the tech to do fracking of the oil sands, it's nothing to do with Iraq.
- oblio 3y agoEurope could be self sufficient in oil and gas (we're constantly finding new reserves in EU/EU associated territory), it just doesn't want to dig those up because it's hugely destructive for the environment.
- cman1444 3y agoIsn't Norway a massive producer of oil? And I think they're quite environmentally conscious. Also isn't Germany burning coal at record rates right now? I'm not totally buying the argument that Europe is just abstaining from easy production for environmental reasons.