Economic systems

How to Decide if Your Country Is Rich

How to decide if the world has become a better place? We can ask about changes in poverty, literacy, democracy, vaccination, and child mortality rates. Our World in Data had some of the answers: Richest Countries. Meanwhile, also asking how we are doing, the Economist identified the world’s richest nations. Seemingly simple, the question requires deciding which variables to use among a slew of possibilities. The Economist’s criteria focused on three ways to measure income. They looked at GDP per person, dollar income per hour worked, and income adjusted for local ….[READ]