Without London, the UK would be poorer than Mississippi, the poorest American state
Hm I am sure this says something but also indicates why GDP is a poor metric for general wellbeing;…
I wonder what happens if you correct for the annual cost of healthcare needed in US though...
What if you also correct for cost of housing? Then London (and some US cities) would look much less rich. This all ignores wealth distribution, of course. E.g. being a tenant in London makes you poorer, being a landlord makes you richer.
@L1bertyBradSocialist10mos10MO
That’s the drawback of the approach.
But why I mentioned healthcare is that it is a nationwide issue in US and elsewhere.
PPP exchange rates might capture the health costs, but I am not sure hence the suggestion
@QuokkaLillianDemocrat10mos10MO
Per capita figures may not tell us enough, when they are averages including extreme poverty and wealth.
We could calculate what it costs to live at various different standards of living in a region, and compare that the the distribution of incomes, to see how well people live.
@L1bertyBradSocialist10mos10MO
Thats what research papers are for. The graphic in this article showed us some insights, got us talking cause we want to understand more... They did a good job Now to see the data by income percentile...
