Since we don’t know which factors
and aspects have been included and also how they have been measured and
interpreted we may proceed with the assumed methodology considered to be
usually applied for any macro-economic surveys.
Most indexes are supposed to
factor in on priority basis two sets of rather over generalized items
considered vital measuring tools for modern life.
1. Basic
necessities for living like food, shelter, affordable education, health care,
employment opportunities along with public transport and infrastructure.
2. Additional
expenditures on various entertainments,
resource utilisation , earnings and certain items not necessarily universally
considered necessities [like automobiles, laptops, air conditioners etc]
So, obviously when these two are clubbed
together there may be more anomalies than uniform j justifiable standards.
On lighter vein
sometimes some of the pungent remarks made by Nassim Taleb regarding economists seems worth
looking into.
An economist is
a mixture of 1) a businessman without common sense, 2) a physicist without
brain, and 3) a speculator without balls.
Those with
brains no balls become mathematicians, those with balls no brains join the
mafia, those with no balls no brains become economists.
Discussing
growth without concern for fragility: like studying construction without
thinking of collapses. Think like engineer not economist.
Success in all
endeavors is requires absence of specific qualities. 1) To succeed in crime
requires absence of empathy, 2) To succeed in banking you need absence of shame
at hiding risks, 3) To succeed in school requires absence of common sense, 4)
To succeed in economics requires absence of understanding of probability, risk,
or 2nd order effects and about anything, 5) To succeed in journalism requires
inability to think about matters that have an infinitesimal small chance of
being relevant next January, ...6) But to succeed in life requires a total
inability to do anything that makes you uncomfortable when you look at yourself
in the mirror.
A trader
listened to the firm's "chief" economist's predictions about gold,
then lost a bundle. The trader was asked to leave the firm. He then angrily
asked him boss who was firing him: "Why do you fire me alone not the
economist? He is too responsible for the loss." The Boss: "You idiot,
we are not firing you for losing money; we are firing you for listening to the
economist."
To have a great
day: 1) Smile at a stranger, 2) Surprise someone by saying something
unexpectedly nice, 3) Give some genuine attention to an elderly, 4) Invite
someone who doesn't have many friends for coffee, 5) Humiliate an economist,
publicly, or create deep anxiety inside a Harvard professor.
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