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TIL: There are better metrics than GDP per capita for gauging the material living conditions within a country. AIC = Average Individual Consumption AHDI = Average Household Disposable Incomehttps://randomcriticalanalysis.com/2018/11/19/why-everything-you-know-about-healthcare-is-wrong-in-one-million-charts-a-response-to-noah-smith/ …
Here, for example, are a bunch of welfare indicators correlated against both GDP per capita (x-axis) and AIC (y-axis). Clearly AIC does a better job of reflecting these other indicators:pic.twitter.com/yyX5cfrXNC
Maybe this is common sense, but I’ve always been lazy and just used GDP per capita for my (admittedly off-the-cuff) analyses.
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