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Interesting post from Steve Landsberg on Median income statistics

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nirgrahamUK Posted: Mon, Jul 30 2012 5:44 AM

http://www.thebigquestions.com/2012/07/30/the-numbers-racket/

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Bukujutsu replied on Mon, Jul 30 2012 8:17 AM

Unfortunately it may be inaccurate:

 

http://esoltas.blogspot.de/2012/07/inaccurate-consequences.html

 

I'm more interested in the (alleged) divergence between productivity and wages, but that may be off topic. 

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I've always disliked the median income statistic. Wouldn't it be more useful in combination with knowing the mean income, the range of incomes, and the number of income earners? Then the statistic does tell some relevant information. Would the mean income actually be more effective at demonstrating what incomes are doing over time better, or not?

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Neodoxy replied on Mon, Jul 30 2012 10:49 AM

I think no matter what he hits on two very important factors in the entire matter. Firstly that benefits have been growing a lot, this is especially relevant because of the increasing costs of healthcare, but also that many new jobs which have been created in the past few decades are high-skill jobs, part of what get's me nervous about the fact that a lot of people around here seem de facto against any college education.

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Bukujutsu replied on Mon, Jul 30 2012 11:48 AM

I think there's certainly good reason to be against college education in its current form.

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Neodoxy replied on Mon, Jul 30 2012 5:12 PM

What do you find most egregious about the process?

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Prime replied on Mon, Jul 30 2012 8:08 PM

I find it egregious that most anyone can qualify for a direct loan backed by taxpayers without any discernment for their ability to repay. Seriously, what are the qualifications for a student loan? I can't think of any more worthless loans (including the subprime lending on homes) than giving an 18 year old kid with average high school grades and no direction access to thousands of dollars in low interest loans.

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Wheylous replied on Tue, Jul 31 2012 8:14 AM

giving an 18 year old kid with average high school grades and no direction access to thousands of dollars in low interest loans.

When you put it that way, it does sound silly.

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