How many minutes to earn the price of a Big Mac?
THE size of your pay packet may be important, but so is its purchasing power. Helpfully, a UBS report published this week offers a handy guide to how long it takes a worker on the average net wage to earn the price of a Big Mac in 73 cities. Fast-food junkies are best off in Chicago, Toronto and Tokyo, where it takes a mere 12 minutes at work to afford a Big Mac. By contrast, employees must toil for over two hours to earn enough for a burger fix in Mexico City, Jakarta and Nairobi.
An introduction to U.S. macroeconomic policy issues, such as how we use monetary and fiscal policies to promote economic growth, low unemployment, and low inflation.
Thursday, August 20, 2009
Purchasing power: An alternative Big Mac index
According to the August 20, 2009 Economist.com article "Purchasing power: An alternative Big Mac index," an average worker in Chicago, Toronto, or Tokyo earns enough income in 12 minutes to be able to buy a McDonald's Big Mac hamburger. In the rest of the world, workers must labor for longer periods of time to be able to afford one:
Great picture of hamburgers.
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