There are also Europeans who feel uncomfortable with the US having 1.5* Europe's GDP with less than half the population.
It's an extant truth and it'll become even more blatant as many Western countries struggle to do basic stuff like build out infrastructure.
But GDP is not the only thing that matters. I personally (as European) care also about how the average people lives and in that matter I prefer the European style if that implies some difference in GDP.
Also, worth mentioning EU has a lot of countries that grew a lot because there were so far behind (the ex-communist ones) which means it was playing "catch-up". There are advantages to not having lately a war on your territory (USA)...
GDP is projection of economy strength. If economy is weak, country will lose on competitive markets, and your lifestyle will become worse in the future.
Europe has been ahead of US on quality of life scores for decades, and has had lower gdp numbers the entire time.
The man who invented GDP argued vigorously that it's a synthetic economic metric, and it shouldn't be used as a goal or measure of well-being, yet we insist on it because it's one of the few measures where the US is handily winning.
GDP, while imperfect, is at least rooted in a quantitative value.
You've got health measures like life expectancy, infant / maternal mortality, disability adjusted life years, BMI, cortesol, blood pressure, suicide rates, etc. Economic ones like labor market participation, un[der]employment, poverty rates, gini coefficients. Societal ones like crime rates, trust levels, civic participation, environmental metric, public transit accessibility, international test scores, human rights, marriage and actual vs wanted fertility rates. The list goes on. There are countless measures, just few that economists genuinely value.
- there is strong correlation between index and EU countries GDP per capita: countries with high GDP are at the top, and countries with low GDP are at the bottom
- US index is higher than combined EU index, some EU countries with high GDP top US
Not sure how its double counting.
And how would you weigh life expectancy vs suicide rates? Let's say we try to create an index. You think life expectancy should be weighted at 80% and suicide rates at 20%? Why? There's no rhyme or reason for that figure, it just sounds good. Well it gets more and more confounding as you add up all the other vectors. Labor market participation now thrown into the same broad index, despite all three values being completely orthogonal.
There is no objective way to reconcile that.
Indeed. But what matters is whether Y is diminishing, not what's easy for you to prove. The world is not obliged to make the important things easy to measure, and it generally doesn't.
> I prefer the European style if that implies some difference in GDP.
It's quaint to think that but compounding interest is a doozy. If your competitors are growing at 4% a year and you're growing at 1% a year, they will triple their economy over 30 years while your economy sees a meak 30% boost. At some point you'll find your economy an entire century behind in development. And you'll no longer even have power or influence over the decisions made at the grown ups table.