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Average is deceiving. A single billionaire and 999 with zero yields an average of one million each. With so much wealth at the too, average is going to be pull
by chiefalchemist 3y ago
Average is deceiving. A single billionaire and 999 with zero yields an average of one million each.
With so much wealth at the too, average is going to be pulled up even when there are many with relatively near zero.
- adventured 3y agoIt's not deceiving, it's quite clear what it represents. Who isn't aware these days that the US is an unbalanced society in terms of wealth? I think even the typical person commenting on eg Reddit knows that story by now (which is why you'll find that - the gap between median and mean - pointed out in every single relevant thread on sites like that).
- chiefalchemist 3y agoWho isn't aware? Wrong question. It's understabding how *greatly* that imbalance skews average. Most people don't know cause from correlation. They certainly don't know one billion is one thousand million. It's not safe to assume that everyome on Reddit or HN are well aware of the subtleties. Note: The discussion was on savings. Abstracting that from individual wealth adds cognitive load.