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Great article about replacing GDP

David Leonhardt has a great new article about measuring economic progress. This graph shows the main problem with GDP. It has become completely divorced from the reality for 90% of Americans: By The New York Times | Source: Thomas Piketty, Emmanuel

Posted in MELI & Econ Stats

Income growth for different age groups in America

The distribution of income deserves more attention. One reason why college seems less affordable is that average real wages for young people have fallen since the 1970s whereas tuition has risen. A lot. Of course, the average college student doesn’t

Posted in MELI & Econ Stats

US median income finally rises above record set in 1999. Yea!

Kevin Drum reports that the official census bureau measure of: household income is now at an all-time high: And now for the buzzkill portion of this post: this means household income has increased a whopping 0.6 percent since 1999. That’s $22

Posted in MELI & Econ Stats

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

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