Long hours and a strong dollar give America the lead in GDP per person
is now 65% the size of America’s in dollar terms, down from 90% just ten years ago. Slow population growth is partly to blame—the number of Europeans has risen by 1.6% since 2012, compared with 6.1% for Americans. Still,As a result, commentators and think-tanks have set about comparing the economies of some of Europe’s richest countries to those of America’s poorest states. But comparisons based simply onper person are poor measures of economic welfare.
The first step in comparing different economies is converting national figures into a common currency. But a dollar goes much further in some countries than others, because the costs of non-tradable goods and services, such as housing or restaurant meals, vary widely. Measuring living standards requires convertingBut focus instead on productivity, by dividing these figures by a tally of hours worked, and the gap closes further.
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