United Kingdom
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Out of interest, what GDP increase figures would lead to an increase in living standards?π€
What is a good indicator if not GDP?
I suppose you could create one based on the average wage and the average cost of living. I'm sure something like that does exist. Buying power or disposable income or whatever.
GDP is useless because it counts things like all the money proles are forced to pay to their landlords. And the amount they fork over to energy and utility companies. It counts the hugely inflated value of property markets. It's not very indicative of how us small folk actually live.
Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. Itβs a per capita recession, but not a technical recession.
I imagine it would only be relevant if the average person owned index stocks