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And is life in Europe actually worse than the US as a result? Capitalism has convinced people to think that the end goal of life is creating value. Maybe that
by slg 4mo ago
And is life in Europe actually worse than the US as a result? Capitalism has convinced people to think that the end goal of life is creating value. Maybe that isn't the thing society should be optimizing for.
- avarun 3mo agoYes. It is, significantly. More people die every year of heat waves in Europe than gun deaths in the US, and it's not even close. Youth unemployment in many European countries is egregiously high, leading to a sense of malaise and nihilism among the youth. The welfare state is collapsing in on itself and residents are taking that anger out on immigrants across the continent, leading to regressive policies being passed. The EU is extremely close to entering its own Japan-like "lost decades" if nothing changes very soon.
- deleted 3mo ago[deleted]
- Alpha3031 3mo agoIncome-wise difference is significantly less when adjusted for PPP, and (this is from a decade ago but I can't find anything much more recent that goes into comparing countries) Jones and Klenow (2016) says: > Average Western European living standards appear much closer to those in the United States (around 85 percent for welfare versus 67 percent for income) when we take into account Europe’s longer life expectancy, addi- tional leisure time, and lower inequality. Jones, Charles I.; Klenow, Peter J. (September 2016). "Beyond GDP? Welfare across Countries and Time". American Economic Review. *106* (9): 2426–2457. https://doi.org/10.1257/aer.20110236 https://doi.org/10.1257/aer.20110236. ISSN 0002-8282. S2CID 1352951.