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All rich countries have high GDP per capita and all poor countries have low GDP per capita. Zero exceptions. Despite the shortcomings of GDP as a metric it stil

by gizmo 2y ago

All rich countries have high GDP per capita and all poor countries have low GDP per capita. Zero exceptions. Despite the shortcomings of GDP as a metric it still tracks prosperity very accurately.

Rinzler89 2y ago
You can't get any more obvious than that, but that wasn't my point to say that higher GDP doesn't make you richer than a low GDP, but to say GDP/capita as a number alone is not a measure of wealth, income or prosperity between countries, even in the EU. For example Ireland has by a long margin the highest GDP/capita in the whole EU, and it would make you think the average Irish worker earns more that any other worker in the EU and drives a Lambo, but that's not what's happening. It's because most US corporations funnel their EU money through their Irish holding companies skewing the statistic.
- gizmo 2y ago
  > For example Ireland has by a long margin the highest GDP/capita in the whole EU No, Luxembourg does.
  - bigfudge 2y ago
    But in both cases it's because of weird corporate tax loopholes rather than the underlying productivity or utility to the median individual.