Three excellent links as to why she is not qualified to be on the FED. Is your point that the incidence of the tax is primarily passed back to labor in the form of lower wages, rather than being passed forward to consumers in the form of higher prices? In any event, I guess the main question for our PPP comparisons is whether the VAT affects the domestic price level, and the evidence on that effect appears mixed.
The one nation I have never seen have a Big Mac less expensive than one in the US, although maybe it has been at some time or other and I just missed it, is Switzerland. After all, they have a small, very open economy. How does PPP do for master artwork??
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- How Much a Big Mac From McDonald's Costs Around the World?
Given the value of an over valued currency For some systems versus the value of an undervalued currency to other systems This seems a global trade peace inducing outcome. Oh joy — more cryptic babble from the Paine. I do wish you would learn to write coherent sentences someday!
Big Mac index - global prices for a Big Mac in January 12222, by country (in U.S. dollars)*
Menzie, do we have an issue here insofar as China suffers from an income distribution radically different from many of the other nations to which you are comparing it? Not clear that using an average-capita measure is appropriate in that context. Your critique could apply to a bunch of developing countries….
It could also be representative of many other consumer goods. Food is actually a larger percentage of poor and lower income families spending than it is for wealthy people. If the price of Big Macs raises or lowers can we generally assume other food products prices are raising or lowering with it??
Burgernomics: Big Mac index shows Russian ruble still deeply undervalued — RT Business News
But you know what?? Kicking the tires on your car to check the pressure still has some value, and it beats guessing what it is, with your children riding in the back seat. The Big Mac index has a long history. As I understand it — Menzie is presenting reasons not to take this age old tale all that seriously. After all — labor is a large part of what one is paying for when one buys a Big Mac.
And the idea that PPP applies to haircuts is absurd. Look one pays a fortune for a SuperCuts in Manhattan whereas they are great barbers in Brooklyn at reasonable prices. And yea we residents of Brooklyn think of Manhattan as a foreign nation! Your source for this is???? But that does not impact the price of oil here v. It would say the Chinese might have healthier diets than many Americans. Of the 37, restaurants in countries at year-end , 35, were franchised.
Which means were company owned stores. Just think about the number of billionaires in China and the number of poor people in China. What matters is the price of the Big Mac sold, not whether the profits are remunerated to a local franchisee or the parent company. If the Big Macs exist only in high- or low-wage districts, comparing the average income to the average BM-price is going to give you a biased result.
So you are saying this CIA source has it wrong? Excuse me but I do not see you provided an alternative and more reliable comparison. There is NO satisfactory measurement of the income distribution in China because their statistics methods are primitive at best and deceitful at worst. I merely observed that many countries have a higher measured Gini coefficint than China…. I just tossed that interesting information into the discussion because some people here think China is stealing our IP. Now now, pgl, clearly you are just terribly naive.
So beware. This IP theft will be another step into the inferno for the long run of the US economy. Oh, and they will steal and improve the tech for Big Macs too.
Burgernomics: Big Mac index shows Russian ruble still deeply undervalued
I have no idea what that will do to the Big Mac index, although probably it will make it even more useless and misleading for sure. DARK underbelly — huh?! Andrew Feinberg, White House correspondent for Breakfast Media, was trying to ask which countries President Donald Trump was suggesting that four congresswomen — all U. Feinberg paused, seemingly taken aback. Feinberg probably does not get that Conway disdains Jews! Make America White Again! All of the congresswomen are American citizens.
Hey — this turtle to married to someone named Elaine Chao. I hear one of the reporters tried to ask him if his wife should go back to China. I will give the bastard that much. I would argue, if the man loved her as much as a man should love his wife, he would do more work for her than just behind the scenes, and would speak proudly of her in public. The reality is they are BOTH horrid human beings irregardlous, unrelated to, and unconnected to their races. OK, your reply has me puzzled.
- How much does a McDonald’s Big Mac cost around the world (for a South African).?
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This value is then compared with the actual exchange rate; if it is lower, then the first currency is under-valued according to PPP theory compared with the second, and conversely, if it is higher, then the first currency is over-valued. For example, using figures in July . The Eurozone is mixed, as prices differ widely in the EU area. The Economist sometimes produces variants on the theme. In , an Australian bank tried a variation the Big Mac index, being an " iPod index": since the iPod is manufactured at a single place, the value of iPods should be more consistent globally.
However, this theory can be criticised for ignoring shipping costs, which will vary depending on how far the product is delivered from its "single place" of manufacture in China. Bloomberg L. Gold-Mac-Index: The value of the purchasing power for 1 g of gold Gold. A Swiss bank has expanded the idea of the Big Mac index to include the amount of time that an average local worker in a given country must work to earn enough to buy a Big Mac.
While economists widely cite the Big Mac index as a reasonable real-world measurement of purchasing power parity,   the burger methodology has some limitations. Big Mac Index is limited by geographical coverage, due to the presence of the McDonald's franchise. In many countries, eating at international fast-food chain restaurants such as McDonald's is relatively expensive in comparison to eating at a local restaurant, and the demand for Big Macs is not as large in countries such as India as in the United States.
Social status of eating at fast food restaurants such as McDonald's in a local market, what proportion of sales might be to expatriates, local taxes, levels of competition, and import duties on selected items may not be representative of the country's economy as a whole. In addition, there is no theoretical reason why non-tradable goods and services such as property costs should be equal in different countries: this is the theoretical reason for PPPs being different from market exchange rates over time.
The relative cost of high- margin products, such as essential pharmaceutical products, or cellular telephony might compare local capacity and willingness to pay , as much as relative currency values. Nevertheless, McDonald's is also using different commercial strategies which can result in huge differences for a product. In some markets, a high-volume and low-margin approach makes most sense to maximize profit, while in others a higher margin will generate more profit.
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Thus the relative prices reflect more than currency values. One other example is that Russia has one of the cheapest Big Macs, even though Moscow is usually near the top on lists of costs for visiting business people. Standard food ingredients are cheap in Russia, while restaurants suitable for business dinners with English speaking staff are expensive. They no longer prominently advertised Big Macs for sale and the sandwich, both individually and as part of value meals , was being sold for an unusually low price compared to other items. Guillermo Moreno , Secretary of Commerce in the Kirchner government, reportedly forced McDonald's to sell the Big Mac at an artificially low price to manipulate the country's performance on the Big Mac index.
A Buenos Aires newspaper stated "Moreno loses the battle". The Big Mac and virtually all sandwiches vary from country to country with differing nutritional values, weights and even nominal size differences. Not all Big Mac burgers offered by the chain are exclusively beef. On 1 November , all three of the McDonald's in Iceland closed, primarily due to the chain's high cost of importing most of the chain's meat and vegetables, by McDonald's demands and standards, from the Eurozone.
Six most expensive July 18, This statistic shows the most expensive places to buy a Big Mac. Six cheapest July 18, This statistic shows the least expensive places to buy a Big Mac. Six fastest earned July This statistic shows the average working time required to buy one Big Mac in selected cities around the world in Six slowest earned July This statistic shows the average working time required to buy one Big Mac in selected cities around the world in From Wikipedia, the free encyclopedia. This section needs additional citations for verification.
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How Much 12 Classic Fast-Food Items Used to Cost
The Economist. Here's How to Get One". The Independent.
The Big Mac Index.