this post was submitted on 09 Apr 2024
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GenZedong
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As the other response pointed out, this graph obviously hints at greater wealth disparity in the US vs China, as one of the most common ways in which the mean can be pulled upwards relative to the median is by the presence of a small minority with extreme wealth at the very top. The median while not perfect is a better representative of the situation in which the "average" person finds themselves, as by definition half are above and half are below this value. Imo one of the most important statistics concepts that everyone should learn is the difference between mean and median and what each value can tell us about how a set of values is distributed.