Sunday, November 04, 2007

Update: EU vs. USA

From Political Calculations blog:

The Sweden-based free-market advocacy group Timbro compared the relative wealth of the nations of Western Europe against individual U.S. states. The key finding in Timbro's report was that:

"If the European Union were a state in the USA it would belong to the poorest group of states. France, Italy, Great Britain and Germany have lower GDP per capita than all but four of the states in the United States. In fact, GDP per capita is lower in the vast majority of the EU-countries (EU 15) than in most of the individual American states. This puts Europeans at a level of prosperity on par with states such as Arkansas, Mississippi and West Virginia."

Timbro's study was based on 2002 economic data, but since it was published, economic data for both 2003 and 2004 has been published. So, the question is now: what's changed in those two years? To find out, Political Calculations has created the following dynamic table comparing each U.S. state's
Gross State Product (GSP) or each E.U. nation's Gross Domestic Product adjusted for Purchasing Power Parity (GDP-PPP) data for 2004, their respective populations and their corresponding per Capita economic data, which you may sort according to the column headings, either from highest to lowest value or vice-versa.

Bottom Line: If you click on the last column of the "US vs EU: 2004 Edition" chart, and sort it from highest to lowest, you'll find that Sweden would rank at the bottom of U.S. states (#49 including D.C), just barely above Mississippi and West Virginia.


At 11/04/2007 11:05 AM, Anonymous Anonymous said...

Mark J. Perry said...

...Sweden would rank at the bottom of U.S. states (#49 including D.C), just barely above Mississippi and West Virginia.

Interesting table Mark.

I noticed that the U.S. GSP or GDP-PPP per Capita is listed as 39959 and the same figure for the E.U. is listed as 27864.

Why has the U.S. dollar fallen in value compared to the Euro? If the E.U. is so bad and the U.S. so good why is our dollar falling and their Euro rising?

At 11/04/2007 11:49 AM, Anonymous Anonymous said...

Hey Mark --

You're pretty sold on mean per-person GDP as a measure of well-being. Why don't we compare some key percentiles of per-person GDP instead?

Also, when was the PPP-adjustment made? Pre or post dollar free fall?

At 11/04/2007 9:27 PM, Anonymous Anonymous said...

Yes, and Flint Michigan certainly looks like OZ compared to any European city.

At 11/05/2007 7:11 AM, Blogger juandos said...

Is there are any newer data than 2005?

I wonder that newer data might explain why the dollar has fallen against the Euro?

Aren't the corporate tax levels in Eurostan less than the US and couldn't this be one possible reason for why the dollar is falling?

At 11/05/2007 1:53 PM, Blogger Ironman said...

juandos asked:

"Is there are any newer data than 2005?"

Why, yes! As of this morning, there's a new dynamic table with the data comparing GDP (adjusted for PPP) for the nations of the EU and the individual US states for 2006:

2006 GDP-PPP EU vs US Smackdown!

At 11/05/2007 5:06 PM, Blogger juandos said...

Well Ironman I thank you for that timely link sir...

Much appreciated...


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