MELI FAQ

This FAQ is a work in progress and will be updated periodically.

Median Expected Lifetime Income (MELI → pronounced “Mellie”)

Mmutilitarianism uses GDP as the main measure of human wellbeing and it is by far the most influential measure for making decisions about economic policy.  The flaws of GDP are obvious and numerous people have organized attempts to replace it, but it still reigns supreme.  Medianism offers a is a better measure of human wellbeing than GDP: MELI or Median Expected Lifetime Income.  MELI should also replace the United Nation’s Human Development Index (HDI) because MELI measures welfare at least as accurately as the HDI, and MELI is much more useful because it is easier to understand and interpret.

M1. What is Median Expected Lifetime Income (MELI)?
M2. Why is MELI better than GDP?
M3. Why is MELI better than the United Nations’ Human Development Index (HDI)?
M4. You claim that MELI is better than GDP and the HDR. If MELI is so great, why doesn’t anyone use it?
M5. Why doesn’t anyone care about existing measures of median income?
M6. Why haven’t economists already made the obvious adjustments to median household income that would make the statistic more useful?
M7. What are ways in which MELI is easier to measure than GDP?
M8. Does GDP have any advantages over MELI?  Which is better for understanding macroeconomic conditions?

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