Part 2: Comparing Income and GDP Across Countries in US Dollars is Detached from Reality
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In the previous post of this series, I wrote about how rapid improvements in the living standards of the upper-middle and middle class in India have changed how they view USA and the West in general. My central point was that changes in living standards and general quality of life are much more obvious if you look at changing patterns of consumption for goods and services rather than gross reported income in measured in USD or other western currencies. In other words, commonly held assumptions about income (and spending) in USD having a global correlation with quality of life has not been true for over a decade or two by now.
Part 2: Comparing Income and GDP Across Countries in US Dollars is Detached from Reality
Part 2: Comparing Income and GDP Across…
Part 2: Comparing Income and GDP Across Countries in US Dollars is Detached from Reality
In the previous post of this series, I wrote about how rapid improvements in the living standards of the upper-middle and middle class in India have changed how they view USA and the West in general. My central point was that changes in living standards and general quality of life are much more obvious if you look at changing patterns of consumption for goods and services rather than gross reported income in measured in USD or other western currencies. In other words, commonly held assumptions about income (and spending) in USD having a global correlation with quality of life has not been true for over a decade or two by now.