Daily chart: Inflation may have ruined "How to marry a millionaire" as a good film title, but there is still something magical about $1m. Today’s chart reveals that America creates the swiftest millionaires, while the main breadwinner in Mexico can expect to toil for three centuries to earn that special sum. View today’s chart to see how long it takes to earn $1m in different countries http://econ.st/Y7e2Nx
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- The PPP figure is as useless as the rest if you don't take taxes and other factors into account. All they really do is present 'average income' and 'price index' figures for the countries, but disguising them as something else to make them fit some other purpose.
Thus yes, it is 'bogus statistics', and not something any honest statistician would ever engage in...Feb 12, 2013
- I am interested in seeing the figures of India and China , but i am left disheartened..Feb 12, 2013
- I couldn't disagree with you more;.PPP is a way to turn different currencies into "common units" to help compare them more easily. Taxes (of any sort) do not factor into calculating PPP yet for some reason you still want to include them ergo your argument is invalid. That straw man argument may make you look intelligent to some but falls short to those who have and sort of economic education (or anyone willing to do a quick Google search). As such your opinion that these statistics are "bogus" holds very little water because it is founded on you misunderstanding of PPP and how it is calculated. Also I think any of those "honest" statisticians that you speak of would argue that idea that any statistic that is derived from data is inherently bogus because of biases during collection and interpretation. No one person can deem any statistics real or bogus. These statistic representations should not be considered all inclusive dogma but rather a visual representation of the income disparity between nations. I have said my peace, and I look for ward to your response.Feb 12, 2013
- The follow-up chart needs to compare how fast one can blow a $million in various countries.Feb 13, 2013
- Nice trolling :-p
However, the chart claims to show where the 'swiftest millionaires' are made (quote: "Today’s chart reveals that America creates the swiftest millionaires"), and does nothing of the sort. Thus 'bogus statistics'.
Your claim is that this chart is correct and valid means that you think that it takes about the same time (the numbers are fairly similar) to create a millionaire in Denmark (which easily has 75% directs and indirect taxes) ans Switzerland (which has <30% direct and indirect taxes).
If you're not trolling, but are simply utterly ignorant about statistics and how it should be used honestly, you should probably not discuss it :-pFeb 13, 2013
- Eric L+1You got me... I Eric Laybourn, am a troll. I obviously know nothing of what I am talking about since I disagree with you and I was just trolling to make myself try to sound cool. I just can't contend against yours obviously superior wit and intelligence. I will remember to not cross you next time. You my good sir win =)Feb 13, 2013