Row 68743

Row ID: 68743 | Dataset Entry | Axioma AXP Content Repository

Content Data

This page contains data entry 68743 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

>That's not true. It means the economy got more efficient. Whether prices stayed the same and wages rose, or wages stayed the same and prices fell, it's the same for living standards and for production. Inflation is first and foremost a monetary phenomenon, economic growth is measured in real terms.

You are not listening. Wages decreased in relation to global market. When do you think was Italian doctor and his salary closer to US salary? Now when GDP is half or back in the day when it was almost equal (early 90s)? Italian economy was no longer competetive so its wages decrease, inform of currency deppreciation. PPP masks it because not only did doctor's wages fell butt so did lawyer's, teacher's, consttruction worker's, everyones. So in PPP terms he can still afford similar or even more services but it does not mean that his wage did not massively decrease and so did his global economic mobility. That is something that is extremelly relevant for a country where 1 in 3 young italians plans to leave a country. That being said if it was not true then 1 in 3 young italians would not have reason to think that. Now you can say that for internal services it does not matter but there are plenty of services that can be sold abroad which is precisely where this competetive advantage matters.

>Yes, nominal definitely has its value, but for living standards PPP is better. And PPP is actually the one that exactly tracks GDP growth

PPP uses basket of goods that has roughtly 3000 products and services in it. It is nothing. It completely ignores the fact that there are things available exclusively only in one country (how do you account for that), it also does not weight for a fact that some things are more important than others and it also does not account for quality difference. Most sold car in Russia is Lada Granta, most sold car in EU is Tesla Model Y. Lada model is like 20 years behind yet in PPP terms it would be equivalent value. It is extremelly flawed metric. And again I disagree with ommiting currency fluctuations. Currency does not fluctuate, currency moves for a reason. Euro did not lose value against dollar randomly. It lost value against dollar because of capital flight to US and because market did not value euro as much as dollar for geopolitical reasons.

>You don't know what PPP is. PPP includes imported resources. It's the average for all goods and services, both imported and locally produced.

This is false. As explain above it does not include everything. It also does not weight them. It is merely nominal GDP fixed for currency value difference" that is counted on 3000 pre selected products and services without proper weighting.

>It's not. Show your source.

[https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?display=d&locations=eu-EU](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?display=d&locations=eu-EU)

It is 37k. Or it was in 2022. I use slightly outdated data because then I can be sure to compare equal year and world bank ends in 2022 for most of them.

>[The US had a budget deficit of 14.7% in 2020](https://tradingeconomics.com/united-states/government-budget) and 12% the next year. That's extremely high. No one in Europe, let alone many, has had a bigger deficit. Stop making stuff up.

US had average of 6.21% of GDP deficit in period of 2012-2022. Spain had 6.88% over same period. So yes, some countries did in fact have much higher deficits and performed significantly worse.

>Christine Legarde can make an announcement about doubling interest rates tomorrow and "grow" the European economy by trillions in a single day. Do you think there would be any actual expansion of goods services behind that?

This is completely false. First of all ECB does not have such power but even if it had such action would not increase GDP, it would merely just depreciate euro relative to dollar even more because of inflation. This is something that only US can do because it has economy to back it up and foreigners (including europeans) all over the globe hungry to trade dollars for their shitty currencies because all their economies are infarior even relative to heavily inflated dollar.

FieldValue
text >That's not true. It means the economy got more efficient. Whether prices stayed the same and wages rose, or wages stayed the same and prices fell, it's the same for living standards and for production. Inflation is first and foremost a monetary phenomenon, economic growth is measured in real terms. You are not listening. Wages decreased in relation to global market. When do you think was Italian doctor and his salary closer to US salary? Now when GDP is half or back in the day when it was almo…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-23
username_encoded Z0FBQUFBQm5Lak1kNzlSNlRlaDhxNnQ4el9HR2hFZWNOR3pTUXBENlRnU200eS0yZzd2amVwdVRhcnM3UHNqT2IxM2doS2dUaTJ3Rk1GSmNXbGJRQU50elg5N3V0RElLbGc9PQ==
url_encoded Z0FBQUFBQm5Lak91eERiYkx2WUx3SmhoTzVSc0Z1RkpQWmlmYThPSTVIZGk3YzhYeWFOQnp5NWlyY0pXektaMFdPVmp0QU5OM0pjQV9OaE1KZVd4QWNtUmIxSUNoZVN6MG4tSDhFTEk5Slo5VmJ0RDMtaUNIYkJCWVZiUHE5SFJyM0FBQ2JVWEczMHFHbERqMGR5a25MaFVGaHJRR0hVd3VYMnRveC1LaTNXc0twLUtua3ZoZTRoeEpsQ245TjRZeC1CM1B4OVF3RW9BdWZYVG1ER2tlRkx3YVJ2bU51NDVpQT09

Raw Record

{
  "text": ">That's not true. It means the economy got more efficient. Whether prices stayed the same and wages rose, or wages stayed the same and prices fell, it's the same for living standards and for production. Inflation is first and foremost a monetary phenomenon, economic growth is measured in real terms.\n\nYou are not listening. Wages decreased in relation to global market. When do you think was Italian doctor and his salary closer to US salary? Now when GDP is half or back in the day when it was almost equal (early 90s)? Italian economy was no longer competetive so its wages decrease, inform of currency deppreciation. PPP masks it because not only did doctor's wages fell butt so did lawyer's, teacher's, consttruction worker's, everyones. So in PPP terms he can still afford similar or even more services but it does not mean that his wage did not massively decrease and so did his global economic mobility. That is something that is extremelly relevant for a country where 1 in 3 young italians plans to leave a country. That being said if it was not true then 1 in 3 young italians would not have reason to think that. Now you can say that for internal services it does not matter but there are plenty of services that can be sold abroad which is precisely where this competetive advantage matters.\n\n>Yes, nominal definitely has its value, but for living standards PPP is better. And PPP is actually the one that exactly tracks GDP growth\n\nPPP uses basket of goods that has roughtly 3000 products and services in it. It is nothing. It completely ignores the fact that there are things available exclusively only in one country (how do you account for that), it also does not weight for a fact that some things are more important than others and it also does not account for quality difference. Most sold car in Russia is Lada Granta, most sold car in EU is Tesla Model Y. Lada model is like 20 years behind yet in PPP terms it would be equivalent value. It is extremelly flawed metric. And again I disagree with ommiting currency fluctuations. Currency does not fluctuate, currency moves for a reason. Euro did not lose value against dollar randomly. It lost value against dollar because of capital flight to US and because market did not value euro as much as dollar for geopolitical reasons.\n\n>You don't know what PPP is. PPP includes imported resources. It's the average for all goods and services, both imported and locally produced.\n\nThis is false. As explain above it does not include everything. It also does not weight them. It is merely nominal GDP fixed for currency value difference\" that is counted on 3000 pre selected products and services without proper weighting.\n\n>It's not. Show your source.\n\n[https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?display=d&locations=eu-EU](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?display=d&locations=eu-EU)\n\nIt is 37k. Or it was in 2022. I use slightly outdated data because then I can be sure to compare equal year and world bank ends in 2022 for most of them.\n\n>[The US had a budget deficit of 14.7% in 2020](https://tradingeconomics.com/united-states/government-budget) and 12% the next year. That's extremely high. No one in Europe, let alone many, has had a bigger deficit. Stop making stuff up.\n\nUS had average of 6.21% of GDP deficit in period of 2012-2022. Spain had 6.88% over same period. So yes, some countries did in fact have much higher deficits and performed significantly worse.\n\n>Christine Legarde can make an announcement about doubling interest rates tomorrow and \"grow\" the European economy by trillions in a single day. Do you think there would be any actual expansion of goods services behind that?\n\nThis is completely false. First of all ECB does not have such power but even if it had such action would not increase GDP, it would merely just depreciate euro relative to dollar even more because of inflation. This is something that only US can do because it has economy to back it up and foreigners (including europeans) all over the globe hungry to trade dollars for their shitty currencies because all their economies are infarior even relative to heavily inflated dollar.",
  "label": "r/economics",
  "dataType": "comment",
  "communityName": "r/Economics",
  "datetime": "2024-05-23",
  "username_encoded": "Z0FBQUFBQm5Lak1kNzlSNlRlaDhxNnQ4el9HR2hFZWNOR3pTUXBENlRnU200eS0yZzd2amVwdVRhcnM3UHNqT2IxM2doS2dUaTJ3Rk1GSmNXbGJRQU50elg5N3V0RElLbGc9PQ==",
  "url_encoded": "Z0FBQUFBQm5Lak91eERiYkx2WUx3SmhoTzVSc0Z1RkpQWmlmYThPSTVIZGk3YzhYeWFOQnp5NWlyY0pXektaMFdPVmp0QU5OM0pjQV9OaE1KZVd4QWNtUmIxSUNoZVN6MG4tSDhFTEk5Slo5VmJ0RDMtaUNIYkJCWVZiUHE5SFJyM0FBQ2JVWEczMHFHbERqMGR5a25MaFVGaHJRR0hVd3VYMnRveC1LaTNXc0twLUtua3ZoZTRoeEpsQ245TjRZeC1CM1B4OVF3RW9BdWZYVG1ER2tlRkx3YVJ2bU51NDVpQT09"
}
Explore Dataset Explore Row

Entry Information