Probably a really stupid question, but why is the median used for wealth and GDP rather than the mean (with the top and bottom sliced out)?
LargoData
joined 2 years ago
Probably a really stupid question, but why is the median used for wealth and GDP rather than the mean (with the top and bottom sliced out)?
Thank you very much for going out your way to do this explanation. It’s something that’s bugged me for a while and I’ve not found a good explanation behind it.
I’m assuming based on this then the median often offers a better “reasonable” person in a given demographic and includes everyone, over mean with top and bottom excluded.
And obviously from your explanation median makes wealth comparisons between nations more accurate.