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Real median wage growth highest in 15 years

The Atlanta Fed regularly publishes a measure of median nominal wage growth for several interesting demographics, but for some reason, they don’t publish any measure that is adjusted for inflation, so I created one using a running 2-month average of

Posted in MELI & Econ Stats

History of GDP

In 2010, Jon Gertner at the NYT published an excellent history of the idea of GDP and its deficiencies.  One paragraph mentions that median income is better than GDP, but  the article focuses more on a “willfully obscure” initiative called

Posted in MELI & Econ Stats

How to improve median income statistics

The Obama administration touted news reports like this one from the Washington Post: Middle class incomes had their fastest growth on record last year. The Census Bureau itself was a bit more circumspect because they recognize that there is considerable

Posted in Medianism, MELI & Econ Stats

Economic Innovation Group & medianism

I commend the Economic Innovation Group for using median income rather than mean income to create their Index of Distressed Communities. They created a beautiful map of their Distressed Community Index where the old slave states and rural areas of

Posted in Medianism, MELI & Econ Stats

A mmutilitarianist world map

If you make the area of each nation proportional to its share of world GDP, this is what you get: This is a pretty realistic picture of how markets view the world. Markets are mmutilitarian and care about maximizing the

Posted in Medianism, MELI & Econ Stats

A new indicator of economic development: How many years would you work to buy your life?

Although most people find it distasteful to put a dollar value on human life, people have been doing it for centuries and these judgements have always had a big impact on people.   Before the 1960s, the motivation for putting an

Posted in Development, Health, Inequality, Medianism, MELI & Econ Stats

A list of notable attempts to go beyond GDP

I have only about three more months left in my sabbatical in which to figure out how to promote MELI as a replacement for GDP.  I have spent much of the past week researching other attempts to replace GDP and just

Posted in MELI & Econ Stats

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