GDP of Mississippi and Bavaria, Germany are about the same.
You would be simply insane to think that Bavaria wasn't far far wealthier than Mississippi though.
This doesn't show the limits of either the US or European ways of life but rather GDP itself as a figure. It has it's uses but that's it. Lay people are far too dependent on GDP as a meaningful indicator of wealth. Professional economists use a variety of metrics to compare and contrast different areas and systems.
You would be simply insane to think that Bavaria wasn't far far wealthier than Mississippi though.
This doesn't show the limits of either the US or European ways of life but rather GDP itself as a figure. It has it's uses but that's it. Lay people are far too dependent on GDP as a meaningful indicator of wealth. Professional economists use a variety of metrics to compare and contrast different areas and systems.