Average or Typical?
The Bank of England
They have a computer at the Bank of England running a computer model of the economy so they can manage it properly. They are doing well with it; aren’t they? They saw all the problems coming of course and were ready with their quantitative easing programs.
Average incomes and prices
I keep reading about average incomes and of course the increase in the consumer price index is an average. But as a writer at the BBC pointed out, we typically have 2 feet but because some people, very few people have less than two feet; the average is slightly less than two!
The economy in the UK is complex; everyone has different incomes and so for the purposes of this blog, I’ll ignore most of them. I’ll just use the really low earners on 12,000 a year and the high earners like the CEO of Richmond council on 200,000 a year. Let us say there are 90,000 low wage earners and just 10,000 high earners. The typical income is only 12,000 a year, because if you walk up to someone in the street and ask how much they earn, you are likely to get one of the 90% who earn 12,000 a year. The average is much higher. The low wage earners earn 1.08 billion between them but the high earners earn 2 billion between them. This puts average earnings at 30,800 a year! What are you; a low earner, average earner or high earner?
There are lies, damn lies and statistics…
I’m on auto publish again today. I write my blog in advance and then set the date and time and it’s published, Tweeted, posted to Facebook and finally posted to LinkedIn. They say bloggers aren’t professional!
It should be Monday morning where you are, on the other hand it could be later… I am used to different time zones. I’m on British Summer Time (BST); I wonder what happened to summer? Was that it in April when it went sunny? Anyway, I chat to China and they are 7 hours ahead of me; if you are reading this as soon as it’s published it’s 4 in the afternoon in China. It will be 10 in the morning in Europe, 4 in the morning in the Eastern part of the USA and 1 in the morning over in California. The Americans are dreamless like the people here and try to save daylight and it’s even worse in Europe, they have their clocks set an hour later than us here in Britain. The dreamless ones have always tried to save daylight, why don’t they just get up early? It is messing with clocks that contributes to the Monday morning feeling; that and work… Sorry, I used the w word… on a Monday morning too…
You might like to read the blog I published yesterday; no smoke without fire or maybe a Saturday ramble that I did on Saturday? Coping in a commune was about the politics of life in an imaginary, fictitious commune; that is a good one. My last Neodigital Art update had some nice pictures and my blog about the people of Richmond in Richmond – better off – but are they happy? was very popular. This week I thought about writing about the dreamless ones but they aren’t exactly a minority are they? I could do the ruthless, luckless, feckless and tactless ones? Feel free to comment and suggest something. You can also follow me on Twitter, subscribe or simply add this blog to your favourites or bookmarks.
Thank you for visiting…