If the distribution of data is symmetric, both mean and median are the same. If distributions are skewed, they represent different things. The median is robust measure (i.e. not strongly affected by a few outliers). ... Means are generally more important in few ways.
...........
Neither is more accurate. They measure different things. And there is more than just the mean and median, there are lots of measures of central tendency, and sometimes there is no good measure of central tendency.
Monday, March 6, 2017
CONVERGENCE WHERE WESTERN WAGES ARE FALLING TO FROM NOW ON
http://www.bbc.com/news/magazine-17543356
They say the world average monthly wage is $1,480 per month...
Is it a household, or an individual? Good question. Means little in reality, because an average is so unrevealing, an average rather than a median. Probably also grossly inflated to boot.
'The median income worldwide — the amount that is dead middle between the least and the highest amounts — is $850 US Dollars (USD). People who have incomes of $41,000 USD are in the top 3% in terms of the richest people in the world. If the trillion dollar worldwide economy were evenly split up between Earth's 6.7 billion people, the average income would be $7,000 USD.'
You might think this a weekly or a monthly one. You don't know, do you?
it is an annual number. Median, they say, is $850 a year! Just think about it, for a second.
You might think this a weekly or a monthly one. You don't know, do you?
it is an annual number. Median, they say, is $850 a year! Just think about it, for a second.
Now, you see, they also go from median to average income numbers, in the quote above.
Once again, this may be for an entire household, not for an individual, regarding the median part of the account only. They don't say.
I have seen numbers like $350 per capita annual income. You can see many sites discussing actual experience of Westerners, peace corp, etc, of poor people everywhere, who are lucky to get what amounts to a dollar a day cash equivalent income.
Median income comes closer to what the typical person actually gets than average income. Liberal LIEO theorists almost always use average. Take a guess why.
Median income comes closer to what the typical person actually gets than average income. Liberal LIEO theorists almost always use average. Take a guess why.
"There are three kinds of lies: lies, damned lies, and statistics." Disraeli
There are actually more kinds of lies than this.
Silence is one of them: Piketty doesn't even touch this subject...
There are actually more kinds of lies than this.
Silence is one of them: Piketty doesn't even touch this subject...
No comments:
Post a Comment