0
$\begingroup$

I have often seen pictures like this - in different countries around the world, how many hours do you need to work before you can buy an Iphone:

enter image description here

My Question: Is there a generalization to this concept?

For example, suppose I am a lazy person that does not like to work. I want to know, in which country in the world will give me the most value for every hour I work?

To be a bit more general, suppose we took the average job in a given country. We know how much the average job earns per hour. Then, suppose we took the price of some "economic market basket" (e.g. food, shelter, energy) in this country - we could see how many hours the average person would be required to work to afford this basket. Then, we could repeat this calculation for a list of different countries (e.g. while adjusting the wages and price for the average job and a comparable basket). Finally, in theory, I would be able to know : On average, in which country do I need to work the least to afford the most?

Is there some economic quantity that measures this?

Thanks!

$\endgroup$
2

0

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Browse other questions tagged or ask your own question.