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It's not at all "calling everyone a millionaire." The "Mean American household" is just the mean, not any real household. Example: If you have a population of
by chongli 3y ago
It's not at all "calling everyone a millionaire." The "Mean American household" is just the mean, not any real household. Example:
If you have a population of 1000 where one person is a billionaire and everyone else has $0, then the "mean person" is a millionaire when in fact almost everyone has nothing.
The real situation isn't a pure "winner takes all" like that, but it's still quite lopsided.
- kolbe 3y agoI think that wording is wrong. "Household" is not an algebraic unit, and thus there is no mean. We're left to interpret what is meant, and responsible statisticians would say "the mean net worth of American families"
- zeroonetwothree 3y ago"mean person" or "mean household" is not a thing. The wording they actually use is "mean net worth of an American household" which is much more clear.