Tag Archives: PPP

Minutes of Minimum-Wage Work to Buy a Big Mac Burger

minutes of work for a big macUsing the criteria of the Big Mac Index developed by The Economist in 1986 as a way to measure if currencies are valued at the right level, the International Business Times created this visualization showing how many minutes a minimum-wage worker needs to work in order to buy a Big Mac burger.

As it turns out, a minimum-wage worker in Afghanistan needs to work 372 minutes (6.2 hours) in order to buy a Big Mac burger. In contrast, a minimum-wage worker in Australia needs to work only 18 minutes to buy a Big Mac burger.

Source: International Business Times: Minutes Of Minimum-Wage Work To Buy A Big Mac: 36 minutes in the US, 6 hours in Afghanistan

 

Human Development Index 2012

The Human Development Index (HDI) is a composite measure that includes three indicators: life expectancy at birth, level of education attained, and income. The HDI is an alternative to the purely economical GDP, that quantifies economic growth only. Thus, the HDI provide a way to gauge the development of a country. The HDI for 2012 includes 187 countries.

The HDI ranks countries according to their degree of development using a scale from 0 to1, 0 being the least developed and 1 being the most developed country.

In the HDI map above, published by the Brazilian media site Globo.com we find that Norway has a score of 0.955, ranking number one as the most developed country (color green). Norway is followed by Australia, the U.S., the Netherlands, Germany, New Zealand, among others.

At the other end of the spectrum we find the least developed nations (color purple), including the majority of African nations, Pakistan, Afghanistan, Myanmar, Bangladesh, Nepal, and Papua New Guinea.