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…
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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…
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
Replace GDP With Median Income
UPDATE: See the MELI FAQ for more up-to-date information about how and why we should reform the use of GDP. The reigning measure of economic progress and development is GDP per capita. Sure the United Nation’s Human Development Index (HDI)…
Posted in Medianism, MELI & Econ Stats
“Statistics make smart people smarter, and dumb people dumber.”
Mark Twain famously said, “There are three kinds of lies: lies, damned lies, and statistics.” I would counter that it is much harder to lie using statistics than without statistics because statistics are so precise and easier to verify than…
Posted in MELI & Econ Stats, Philosophy and ethics
No Matter How You Torture The Data, Median US Male Income Screams As It Falls Behind The Elites
The government neglects data about median income, so private researchers sometimes step in to the vacuum to investigate important issues. In 2011, Michael Greenstone and Adam Looney of the Hamilton Project crunched the data to find that Over the past…
Posted in Medianism, MELI & Econ Stats
Medianism 