Thanks for this piece, I thought it was interesting!
A small error I noticed while reading through one of the references is that the line “For example, France’s GDP per capita is around 60% of US GDP per capita.[7]” is incorrectly summarizing the cited material. The value needs to be 67% to make this sentence correct. The relevant section in the underlying material is: “As an example, suppose we wish to compare living standards in France and the United States. GDP per person is markedly lower in France: France had a per capita GDP in 2005 of just 67 percent of the U.S. value. Consumption per person in France was even lower — only 60 percent of the U.S., even adding government consumption to private consumption.”
Thanks for this piece, I thought it was interesting!
A small error I noticed while reading through one of the references is that the line “For example, France’s GDP per capita is around 60% of US GDP per capita.[7]” is incorrectly summarizing the cited material. The value needs to be 67% to make this sentence correct. The relevant section in the underlying material is: “As an example, suppose we wish to compare living standards in France and the United States. GDP per person is markedly lower in France: France had a per capita GDP in 2005 of just 67 percent of the U.S. value. Consumption per person in France was even lower — only 60 percent of the U.S., even adding government consumption to private consumption.”