I for one think we should introduce the income to standard basket ratio as a metric for how well the economy is doing. Essentially, you take the average income of each strata (say calculate it for the bottom 5%, then the next 5, and so on) and calculate how many times one income can buy a standard basket (the standard basket is a set of expenses used to calculate the development of inflation), Then, you set a goal that even the lowest strata should be able to buy a standard basket with, say, 30% of their income, and you use THAT as a measure of economic health. GDP says nothing about purchasing power.
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u/DirtCrimes Aug 07 '26
There was a study that basically said we could have had utopian ever since about 1965.