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Why is average still such a persistent metric though? Isn't median more representative of an individidual's actual purchasing power? If they paired average met
by tetris11 1y ago
Why is average still such a persistent metric though? Isn't median more representative of an individidual's actual purchasing power?
If they paired average metrics with gini coefficient, I'd be happy
- __mharrison__ 1y agoWhat would be your recommended way to combine them? Or just show them separately?
- tetris11 1y agoshow them separately - high mean, high Gini, and let the reader figure it out
- dredmorbius 1y agoNB: "average" can mean any of three measures of central tendency: the mean (sum/count), the median (middle value), or the mode (most frequently occurring value). All three may be valid choices in specific contexts. Whilst it's common to interpret "average" as "mean", this isn't strictly accurate or reliable. The Economist's article errs in failing to distinguish which measure of central tendency is actually meant by "average".