@AzureReaver "if what you say is true, you'd expect all of the Nordic countries to have a higher GDP than the United States"
No you wouldn't, because there are other factors that factor into total GDP. Hours worked. Efficiency of scale from being a really big single market.
Also, PPP is interesting but not comprehensive. It tells us that many things are more expensive in Nordic countries -- but doesn't account for all the things that they don't have to purchase! It can also be distorted by geography (having to import stuff we grow in California or Florida, say) and by the lack of cheap labor -- the flip side of which is that no one has to *be* the cheap labor.
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@AzureReaver "if what you say is true, you'd expect all of the Nordic countries to have a higher GDP than the United States"
No you wouldn't, because there are other factors that factor into total GDP. Hours worked. Efficiency of scale from being a really big single market.
Also, PPP is interesting but not comprehensive. It tells us that many things are more expensive in Nordic countries -- but doesn't account for all the things that they don't have to purchase! It can also be distorted by geography (having to import stuff we grow in California or Florida, say) and by the lack of cheap labor -- the flip side of which is that no one has to *be* the cheap labor.
https://howmuch.net/articles/worlds-most-productive-countries has Norway, Iceland, and Denmark having more GDP/hour worked than the US, which is a somewhat better measure of productivity.