I understand the difference between median and average perfectly fine. What I’m saying is that the median is what’s relevant because that’s what represents the wealth of a typical person. The problem with using average is that it doesn’t account for inequality meaning that high average wealth could be in practice hoarded by a handful of rich people while the rest of the population remains poor.
Median is an ‘average’ (it is the mean of ranks), just not the arithmetic average (‘mean’) of the values. Text is correct - no need to get upset because you did not get it.
Anyway, the numbers are meaningless as they do not tell us how wealth is distributed (e.g., what is the interquartile range - central 50%) and we cannot conclude anything about the wealth of the majority (>50%) of people.
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I understand the difference between median and average perfectly fine. What I’m saying is that the median is what’s relevant because that’s what represents the wealth of a typical person. The problem with using average is that it doesn’t account for inequality meaning that high average wealth could be in practice hoarded by a handful of rich people while the rest of the population remains poor.
Yep, if they gave us an average without showing us the distribution, then that would be meaningless
Median is an ‘average’ (it is the mean of ranks), just not the arithmetic average (‘mean’) of the values. Text is correct - no need to get upset because you did not get it. Anyway, the numbers are meaningless as they do not tell us how wealth is distributed (e.g., what is the interquartile range - central 50%) and we cannot conclude anything about the wealth of the majority (>50%) of people.