Let's talk Burgernomics! The price of a Big Mac reveals a lot about #currencies. The Economist has tracked Big Mac prices around the world for decades. It's a humorous take on the economic theory of purchasing power parity, also known as PPP.
They just released a new dataset, so I've updated my popular data visualisation and added a little extra.
Now before you ask "what is this PPP?" Let me explain. This is a metric used by economists to compare different currencies based on a comparable basket of goods. It's meant to measure the purchasing power of an individual in one of those countries. In this instance, the Economist used a Big Mac.
It's not perfect. Man cannot live on Big Macs alone. Big Macs also differ in size and ingredients depending on where you are in the world. But it's fun to watch and it certainly makes this economic theory much more digestible and entertaining.
What do you think?
#Macroeconomics #economics #economy #currency
