Comment by rthomas6
17 days ago
I worry about this, but I started worrying about it less when I read about Purchasing Power Parity. The same stuff costs less in poorer countries.
17 days ago
I worry about this, but I started worrying about it less when I read about Purchasing Power Parity. The same stuff costs less in poorer countries.
For some things that's true. For others it is not, or at least not enough to make up for the difference. For example, "housing" might cost less, but the definition of housing might be different. Even if we adjust the standards and built the exact same thing, it would be cheaper, but likely still out of reach for the average person in the poorer market.