Metrics of everyday living standards are problematic. Commonly used economic statistics like real median income, real median household consumption, real per capita income et cetera rely on fallible national economic statistics. Above all, National Income Accounting may be blind to integral aspects of the standard of living. Accounts may be fudged by governments in countries with weak independent institutions. Finally, such statistics rely on judgements encoded in adjustments for representative consumption bundles, purchasing power and effective exchange rates. Of course, the entire enterprise relies quite heavily on assumptions about the plausibility of reducing human well-being to consumption bundles.
When Was the Industrial Revolution?
When Was the Industrial Revolution?
When Was the Industrial Revolution?
Metrics of everyday living standards are problematic. Commonly used economic statistics like real median income, real median household consumption, real per capita income et cetera rely on fallible national economic statistics. Above all, National Income Accounting may be blind to integral aspects of the standard of living. Accounts may be fudged by governments in countries with weak independent institutions. Finally, such statistics rely on judgements encoded in adjustments for representative consumption bundles, purchasing power and effective exchange rates. Of course, the entire enterprise relies quite heavily on assumptions about the plausibility of reducing human well-being to consumption bundles.