Stanford Institute For Economic Policy Research, Stanford University, Mike discussed on Scientific Sense
Mike yesterday. expensive. Feed clean all who specific policy in school of humanities sciences at stanford university he's also senior fellow stanford institute for economic policy research but copied driving it. Thanks for doing this. So i want to start with one of your people from twenty sixteen to set the context for a larger conversation and tape was entitled the gdp bet set across countries. And time. you save you. Propose that somebody statistic for economic wellbeing of people in the country incorporates consumption leisure mortality inequality fuss for nazi countries using detailed might rotate and more broadly using multi-country datasets. But one of the issues. I see peak than economist. Talk to talk to the public When be used to like a utility at share Sometimes those limbs some too technical too abstract for people to really really connect with so so so you have a qualitative Measure due to get let so some more gently. What do you mean by. Yes so we'd like to look at what people are willing to pay in terms of consumption that they sacrifice in order to say try to live longer or Enjoy more leisure time So utility is just our way of saying you know how much what people are trying to get out of consumption. Leaser living along. Boeing lights But utilize are meaningless like. There's no units called utilize that we care about. That's why in this..