1) I understand the case for using averages. They are very simple. You count the amount of wealth, you count the number of people, you're done. But, also this simplicity is dangerous when we obviously know that there are so many ultra rich people.
1) I understand the case for using averages. They are very simple. You count the amount of wealth, you count the number of people, you're done. But, also this simplicity is dangerous when we obviously know that there are so many ultra rich people.
Would love thoughts, pushback, or examples I missed.
Would love thoughts, pushback, or examples I missed.
If the mean is hopelessly distorted by billionaires… what should we be looking at instead?
Median? Percentiles? Something else entirely?
If the mean is hopelessly distorted by billionaires… what should we be looking at instead?
Median? Percentiles? Something else entirely?