I wound up doing more of a dive into per capita GDP as a metric, and see more of the benefits of it, as well as why its used. I’m still not entirely sold on its benefits overall due to concerns over wealth inequality and “living standards” being averaged.
In theory wealth inequality can be getting worse as GDP per capita gets better, for sure.
But conversely, if wealth inequality is getting better while the GDP per capita is going down, most people will still be worse off which definitely isn’t good.
Interesting.
I wound up doing more of a dive into per capita GDP as a metric, and see more of the benefits of it, as well as why its used. I’m still not entirely sold on its benefits overall due to concerns over wealth inequality and “living standards” being averaged.
Thanks for pointing out CPI vs GDP/C differences!
In theory wealth inequality can be getting worse as GDP per capita gets better, for sure.
But conversely, if wealth inequality is getting better while the GDP per capita is going down, most people will still be worse off which definitely isn’t good.