Re:Former Google CEO Eric Schmidt's Leaked Stanford Talk
by fragmede on Friday August 16, 2024 @04:31AM
(#41264415)
> per capita GDP (the living standards of Chinese people)
note that the parenthetical isn't entirely true. it's a very mathematical measure of living standards, and sure, one number is much bigger than the other, which does mean something, but how happy are you really doomscrolling various feeds about how the world is doomed? The wrong person's gonna get elected, you just know it. How happy can you really be knowing that to be the future? Or, hey, know anybody who's died from fentanyl recently?
There's a lot GDP doesn't capture. Hell, in terms of buying more things and driving the economy, you could look at it and say divorce is good for GDP since everybody is now buying twice as much stuff, not to mention all the lawyers bills. Not sure I'd argue that it's great for living standards though. so yes, let's compare GDP for what it measures, money number divided by people number, and see that our number is bigger, yay. But simplifying that to living standards is lazy shortcut thinking. If a FAANG engineer makes $400k/yr, but minimum wage is $15/hr or $30,000, their average pay is $215k, which sounds pretty great! The living standards for two someones making $215k are much nicer than for the one person making $30k.
How much do you trust your neighbors? How about those city/rural/suburb folk, especially the ones the extremists on the opposite side of the political spectrum? That contribute to a good living standard?
GDP isn't a good measure of living standards, it's a neat number to compare, and means something, but it doesn't define living standards.
note that the parenthetical isn't entirely true. it's a very mathematical measure of living standards, and sure, one number is much bigger than the other, which does mean something, but how happy are you really doomscrolling various feeds about how the world is doomed? The wrong person's gonna get elected, you just know it. How happy can you really be knowing that to be the future? Or, hey, know anybody who's died from fentanyl recently?
There's a lot GDP doesn't capture. Hell, in terms of buying more things and driving the economy, you could look at it and say divorce is good for GDP since everybody is now buying twice as much stuff, not to mention all the lawyers bills. Not sure I'd argue that it's great for living standards though. so yes, let's compare GDP for what it measures, money number divided by people number, and see that our number is bigger, yay. But simplifying that to living standards is lazy shortcut thinking. If a FAANG engineer makes $400k/yr, but minimum wage is $15/hr or $30,000, their average pay is $215k, which sounds pretty great! The living standards for two someones making $215k are much nicer than for the one person making $30k.
How much do you trust your neighbors? How about those city/rural/suburb folk, especially the ones the extremists on the opposite side of the political spectrum? That contribute to a good living standard?
GDP isn't a good measure of living standards, it's a neat number to compare, and means something, but it doesn't define living standards.