Why not raise taxes to slow inflation?

[Carn The Berries]

Of course - that’s why median is ALWAYS used in sport / wages/ cost of houses

Ummmm.... They do..... And shock horror... they call it the..... AVERAGE

Employee earnings, August 2023

Weekly earnings of employees, including distribution of earnings and hourly earnings, by State, Occupation, Industry and Qualifications

www.abs.gov.au

Residential property transfers - value and volume | Housing affordability

www.housingdata.gov.au

 

[DaBarz]

This is exactly why mean average can be completely misleading.

Let's continue with your David Warner example. His 5 scores this Australian summer were - 0,3,21,28,48. His (mean) average was exactly 50. Was he batting like a player who would be averaging 50 (over time)? Of course not. He had one good innings that saved his bacon.

Depending on the spread of a data set, median can be a much more effective measure of the central tendency (as the example above shows).

To try and argue that median isn't one of the methods of calculating an average is disingenuous.

Again
Could you explain how you calculated an average of 50 when his highest score was 48?

 

[DaBarz]

Ummmm.... They do..... And shock horror... they call it the..... AVERAGE

Employee earnings, August 2023

Weekly earnings of employees, including distribution of earnings and hourly earnings, by State, Occupation, Industry and Qualifications

www.abs.gov.au

Residential property transfers - value and volume | Housing affordability

www.housingdata.gov.au

They call it the “average”?
Where ? I stopped counting at 23 times they used the word median.
Looks to me like they are specifically quoting median wages - which is fine as a method of statistical analysis - but I can’t see the word average used anywhere there.

Here’s where they differentiate the stats - THIS is the same site showing AVERAGE weekly earnings.

Average Weekly Earnings, Australia, November 2023

Estimates of weekly earnings classified by industry, sector, state and territory

www.abs.gov.au

Now
About Dave Warner’s “average”.
Worked that out yet ?

 

[Carn The Berries]

They call it the “average”?
Where ? I stopped counting at 23 times they used the word median.
Looks to me like they are specifically quoting median wages - which is fine as a method of statistical analysis - but I can’t see the word average used anywhere there.

Here’s where they differentiate the stats - THIS is the same site showing AVERAGE weekly earnings.

Average Weekly Earnings, Australia, November 2023

Estimates of weekly earnings classified by industry, sector, state and territory

www.abs.gov.au

Now
About Dave Warner’s “average”.
Worked that out yet ?

Your contention was that they don't use it, when they quite clearly do. The semantics around whether it is called average or not is mere by-play... But if you want to keep going down the ABS route...

Average earnings guide

Learn about our average earnings measures and how to use them

www.abs.gov.au

 

[DaBarz]

Your contention was that they don't use it, when they quite clearly do. The semantics around whether it is called average or not is mere by-play... But if you want to keep going down the ABS route...

Average earnings guide

Learn about our average earnings measures and how to use them

www.abs.gov.au

No
You’re wrong again.
You stated “they call it the..... AVERAGE”. Where did they do that ?


I’ll save you time. They don’t. They call “average” the “average” and “median” the “median”.
My contention was the median is not what we call the average.
The poster requested “average” wage and house prices. I provided those figures and then he doubled down - as you have - claiming median is average.
To help you out, why do you think that have a set of data called “median” and another called “average?”

Do you actually read what you post ?
“While the mean is the most commonly understood measure of average” and they then go on to explain the difference.

Now
How you going with Warners average. Can you please show me how you get an average of 50 from 5 innings - the highest being 48?
Or should you perhaps skulk off to another thread in all your “wrongness “?

 

[Carn The Berries]

No
You’re wrong again.
You stated “they call it the..... AVERAGE”. Where did they do that ?


I’ll save you time. They don’t. They call “average” the “average” and “median” the “median”.
My contention was the median is not what we call the average.
The poster requested “average” wage and house prices. I provided those figures and then he doubled down - as you have - claiming median is average.
To help you out, why do you think that have a set of data called “median” and another called “average?”

Do you actually read what you post ?
“While the mean is the most commonly understood measure of average” and they then go on to explain the difference.

Now
How you going with Warners average. Can you please show me how you get an average of 50 from 5 innings - the highest being 48?
Or should you perhaps skulk off to another thread in all your “wrongness “?

Your contention is that the median is never called the average. Even the ABS acknowledge that it as a means of measuring average, regardless of whether you want to acknowledge it or not.

Most commonly doesn't mean that it is always used. When have you ever heard anyone refer to the mean average of house prices? It is an utterly useless measure of average in the context of houses.

Not sure what happened to my initial reply regarding Warner's data. I acknowledged that I had picked up the wrong information. He, in fact, had 8 innings in the summer just gone, for scores of 5,48,21,28,0,3,200,10 for a (mean) average of 39.38 (that's 315 divided by 8 if you are unsure of my maths). The median for the same period is... 15.5 - a far more realistic reflection of how Davey boy was going ON AVERAGE in that period.

 

[DaBarz]

Apologies... Seems I missed a couple of innings when I was doing my analysis. It was actually 8 innings, mean average 39.38, median 15.5.

5,48,21,28,0,3,200,10. Total runs 315 divided by 8 innings = 39.38.

Fair to say he wasn't playing like someone with an average of close to 40 either.

What!!!! What a ridiculous post!
Lol
Wow !!!
Talk about selective editing.
And now it’s “on average”!

No champ. Not letting you off any of these hooks you’ve doubled down on.

Your first example you banked on :
“Let's continue with your David Warner example. His 5 scores this Australian summer were - 0,3,21,28,48. His (mean) average was exactly 50.”

You calculated it incorrectly anyway.

Now this rubbish !
Even your half arsed examples are making my point!

At least the other poster knew when to give it up.
Mate
Fork in you
Coz you are done

 

[JackOutback]

Your contention is that the median is never called the average. Even the ABS acknowledge that it as a means of measuring average, regardless of whether you want to acknowledge it or not.

Most commonly doesn't mean that it is always used. When have you ever heard anyone refer to the mean average of house prices? It is an utterly useless measure of average in the context of houses.

Not sure what happened to my initial reply regarding Warner's data. I acknowledged that I had picked up the wrong information. He, in fact, had 8 innings in the summer just gone, for scores of 5,48,21,28,0,3,200,10 for a (mean) average of 39.38 (that's 315 divided by 8 if you are unsure of my maths). The median for the same period is... 15.5 - a far more realistic reflection of how Davey boy was going ON AVERAGE in that period.

Mate, save your breath, he is objectively wrong. Median is by definition one of the three averages alongside mean and mode. I learnt this in primary school mathematics and just in case he thinks maths has changed since my time, my brother is a maths teacher and can confirm. Likewise, Maths for Dummies makes it clear median is, by definition, an average.

We use three different types of average in maths: the mean, the mode and the median, each of which describes a different ‘normal’ value. The mean is what you get if you share everything equally, the mode is the most common value, and the median is the value in the middle of a set of data.

He made an error in assuming mean is the only term allowed to use the term average because it is the more commonly used one, but he did so while attempting to look intellectually superior and thus seems unable to back down gracefully. As per the rules of internet arguing, he is doubling and tripling down. At this point, I don't think he's capable of admitting the error.

 

[barreness]

How so ?

Most women would be menopausal before their mortgage is paid off

And yes median is an average, average often refers to mean. Jesus, talk about side track

 

[DaBarz]

Most women would be menopausal before their mortgage is paid off

And yes median is an average, average often refers to mean. Jesus, talk about side track

Second mortgage - a personal loan through a credit union

Sheesh
It’s not hard

 

[Carn The Berries]

Mate, save your breath, he is objectively wrong. Median is by definition one of the three averages alongside mean and mode. I learnt this in primary school mathematics and just in case he thinks maths has changed since my time, my brother is a maths teacher and can confirm. Likewise, Maths for Dummies makes it clear median is, by definition, an average.



He made an error in assuming mean is the only term allowed to use the term average because it is the more commonly used one, but he did so while attempting to look intellectually superior and thus seems unable to back down gracefully. As per the rules of internet arguing, he is doubling and tripling down. At this point, I don't think he's capable of admitting the error.

I daresay you're right. He's even still banging on about my example where (by my own admission) I left a number off. Even after confessing my horrendous sin, he seems intent on pointing it out as if leaving a number out of a calculation brings into question any other thing I might say.

Maybe he was one of the many people I used to observe sleeping in the back of Quantitive Methods 1 & 2 at uni. Everyone assumes stats is a simple subject

 

[DaBarz]

I daresay you're right. He's even still banging on about my example where (by my own admission) I left a number off. Even after confessing my horrendous sin, he seems intent on pointing it out as if leaving a number out of a calculation brings into question any other thing I might say.

Maybe he was one of the many people I used to observe sleeping in the back of Quantitive Methods 1 & 2 at uni. Everyone assumes stats is a simple subject

“Everyone assumes stats is a simple subject”
Lol - it is !
It’s you that finds it hard.
Dave Warner’s average of 50 with a top score of 48! You didn’t even pick that up
Here’s what he asked for

“So unless the average house was 10 times the average salary ‘back in the day’, you’re talking bollocks.”

Black and white.

I’ll leave you two geniuses to figure out which figures you’d use for the rest of the Test Team

 

[Carn The Berries]

What!!!! What a ridiculous post!
Lol
Wow !!!
Talk about selective editing.
And now it’s “on average”!

No champ. Not letting you off any of these hooks you’ve doubled down on.

Your first example you banked on :
“Let's continue with your David Warner example. His 5 scores this Australian summer were - 0,3,21,28,48. His (mean) average was exactly 50.”

You calculated it incorrectly anyway.

Now this rubbish !
Even your half arsed examples are making my point!

At least the other poster knew when to give it up.
Mate
Fork in you
Coz you are done

Yes - I specifically said "on average" to prove a point. Is this the first time you've ever heard anyone use this phrase?

I don't know how many times I can apologise for my catastrophic calculation mistake. Shall I write out some lines for you and post them as penance? The selective example was absolutely relevant, as it shows the impact that outliers can have on mean calculation.

If this is the hill you want to die on, I won't stop you. Seems others in this post can make sense of the examples I have provided. You can tell yourself that median doesn't equal (one form of commonly accepted) average as much as you want. It's not gonna make it true.

 

[DaBarz]

Yes - I specifically said "on average" to prove a point. Is this the first time you've ever heard anyone use this phrase?

I don't know how many times I can apologise for my catastrophic calculation mistake. Shall I write out some lines for you and post them as penance? The selective example was absolutely relevant, as it shows the impact that outliers can have on mean calculation.

If this is the hill you want to die on, I won't stop you. Seems others in this post can make sense of the examples I have provided. You can tell yourself that median doesn't equal (one form of commonly accepted) average as much as you want. It's not gonna make it true.

It was a mistake you wouldn’t have made if you knew what you were talking about! It should have jumped off the page at you - but I guess in your frenzy to try to appear knowledgeable, you lost all common sense

 

[kranky al]

The claim was made that the wage / price ratio was 10 times now. It was 10 times then also.

Every generation has their cross to bear. Some just bear it better than others.

We never had the benefit of 3 point something interest rates where you could whack a stack of your principal.

I mean its not like a completely pulled this apart a page ago or anything.

 

[kranky al]

3.6 vs 5.4 times the wage.

Let’s extrapolate that.

View attachment 1778154


You would repay a total of 7.55 times your yearly wage at 7% interest rates


View attachment 1778158


The total repayment calculated at 3% interest is 11.41 times $65000

For those at the back

 

[JackOutback]

DaBarz in this thread.

 

[Madas]

Mods is there a “ You are wrecking a good thread sticker “ or something you can put on these guys ?

Sheesh , move on !

 

[nut]

Yes all our super funds are flying at the moment … with all those bank profits.


Too much money pumped into an economy = inflation

To reduce inflation you take out of money supply.

I’ll ask again why do the banks get to benefit?

Why not take money out via Tax and bring down debt at the same time?
Wouldn’t that be the “conservative” approach?

The government could redirect some of that money to where it is needed, instead of bank ceo bonuses.

Surely that fair after tax payers bailed out the banks 15 years ago.

 

[Carn The Berries]

It was a mistake you wouldn’t have made if you knew what you were talking about! It should have jumped off the page at you - but I guess in your frenzy to try to appear knowledgeable, you lost all common sense

Yep... you got me... There is direct correlation between typographical errors and lack of knowledge. It couldn't possibly be that I actually calculated it in an excel spreadsheet and then accidentally left off one of the numbers when I was transposing the data. There is no way in the world that could ever happen. Can you please give me some tips on being perfect and never making a mistake? I still have some work to do in that area.

 

[Carn The Berries]

Yes all our super funds are flying at the moment … with all those bank profits.


Too much money pumped into an economy = inflation

To reduce inflation you take out of money supply.

I’ll ask again why do the banks get to benefit?

Why not take money out via Tax and bring down debt at the same time?
Wouldn’t that be the “conservative” approach?

The government could redirect some of that money to where it is needed, instead of bank ceo bonuses.

Surely that fair after tax payers bailed out the banks 15 years ago.

Realistically, taxation is too slow moving a beast to be useful to combat short-term inflation pressures. Ideologically, it makes sense, but it by the time you had the debate about whether to do it (which, in and of itself is problematic) you're probably past peak inflation and all it does is put more pressure on the economy. There is also the issue of unwinding the increases once inflation stabilises. You need to have a stable tax framework.

 

[DaBarz]

Yep... you got me... There is direct correlation between typographical errors and lack of knowledge. It couldn't possibly be that I actually calculated it in an excel spreadsheet and then accidentally left off one of the numbers when I was transposing the data. There is no way in the world that could ever happen. Can you please give me some tips on being perfect and never making a mistake? I still have some work to do in that area.

Was no typographical error .
You doubled down on it

Give up

 

[kranky al]

Was no typographical error .
You doubled down on it

Give up

I love how you can be called again and again on genuinely and completely misleading bs you present to the forum and the best you can do is continue this nitpick that the person involved with has acknowledged.

It’s almost like you think that it’s the same.

Odious little chap arent you?

 

[Madas]

Annnyyywaayy ………. How about that inflation ay ?

 

[Home Alone]

Annnyyywaayy ………. How about that inflation ay ?

It would appear that ship has sailed.
We now have a Gettysburg thread. An under manned, under resourced Confederation competing against a Union.

But back to the thread topic topic.

What has alwats concerned me was your luck when entering the borrowing market. Which in turn, has a direct correlation to when you are born.

Born at the right period and you have capital growth and low borrowing costs. Wrong period, depreciating capital and higher borrowing costs.

Now, I am not diminishing the risk of borrowing/investing. But the impact of when you are born (and link to you purchase property), to me, seems an unnecessary requirement to control inflation.

So, the debate should be
is a problem shared a problem halved, or now two people with a problem!