DDP vs GDP

I have read an interesting article about the Democratic Domestic Product (DDP)¹. There are many disputes and critiques regarding GDP, so I refer you to the details in this article. The main point is that GDP is not a good measure of individual well-being since its …

Nassim Taleb warns us of the dangers in misapplying linear statistical methods (e.g. regression, correlation) to compare a fat-tailed variable (e.g. wealth, income) to a thin-tailed one (e.g. IQ test scores) in his book "Statistical Consequences of Fat Tails". The fat tails - where the extremes lie and …