Misery index (economics)
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- For the American death metal band, see Misery Index (band).
The Misery Index is an economic indicator, created by economist Arthur Okun, and found by adding the unemployment rate to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country.[1] It is often incorrectly attributed to Chicago economist Robert Barro in the 1970s, due to the Barro Misery Index that additionally includes GDP and the bank rate.[2]
U.S. Misery Index
Misery Index - Era by U.S president
| Rank | President | Time Period | Index Average | Low | High |
|---|---|---|---|---|---|
| 5 | Harry Truman | 1948 - 1952 | 7.87 | 1952-12 = 3.45 | 1948-01 = 13.63 |
| 1 | Dwight Eisenhower | 1953 - 1960 | 6.26 | 1953-07 = 2.97 | 1958-04 = 10.98 |
| 3 | John F. Kennedy | 1961 - 1962 | 7.27 | 1962-07 = 6.40 | 1961-07 = 8.38 |
| 2 | Lyndon Johnson | 1963 - 1968 | 6.78 | 1965-11 = 5.70 | 1968-07 = 8.19 |
| 7 | Richard Nixon | 1969 - 1973 | 9.98 | 1968-01 = 7.80 | 1973-12 = 13.61 |
| 10 | Gerald Ford | 1974 - 1976 | 15.93 | 1976-12 = 12.66 | 1975-01 = 19.90 |
| 11 | Jimmy Carter | 1977 - 1980 | 16.27 | 1978-04 = 12.60 | 1980-06 = 21.98 |
| 9 | Ronald Reagan | 1981 - 1988 | 12.19 | 1986-12 = 7.70 | 1981-09 = 19.33 |
| 8 | George H.W. Bush | 1989 - 1992 | 10.68 | 1989-09 = 9.64 | 1990-11 = 12.47 |
| 4 | William J. Clinton | 1993 - 2000 | 7.80 | 1998-04 = 5.74 | 1993-01 = 10.56 |
| 6 | George W. Bush | 2001 - 2005 | 7.98 | 2002-01 = 6.64 | 2005-09 = 9.97 |
Misery & Crime
Some economists posit that the components of the Misery Index drive the crime rate to a degree. They have found that the Misery Index and the Crime Rate correlate strongly and that the Misery Index seems to lead the Crime Rate by a year or so.
Data Sources
The data for the misery index is obtained from unemployment data obtained from the U.S. Department of Labor and Inflation Rate from Financial Trend Forecaster®. The exact methods used for measuring unemployment and inflation have changed over time.
Related Indexes
The Despondency Index, developed by the Bureau of Inverse Technology, correlates, in real time, the suicide rate measured with the Suicide Box at the Golden Gate Bridge, to the Dow Jones Industrial Average.
References
- ↑ The US Misery Index
- ↑ "REAGAN VS. CLINTON: WHO’S THE ECONOMIC CHAMP?", Robert J. Barro
External links
- The current and historical Misery Index
- PBS.org Teachers Guide: Jimmy Carter and the Misery IndexTemplate:Poli-stub
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Acknowledgement and Attribution Regarding Sources of Content
Some of the initial content on this page may be incorporated in part from copyleft sources in the public domain including wikis such as Wikipedia and AskDrWiki. Drug information for patients came from the The National Library of Medicine. Infectious disease information may have come from the Centers for Disease Control (CDC). Differential Diagnoses are drawn from clinicians as well as an amalgamation of 3 sources: 1.The Disease Database; 2. Kahan, Scott, Smith, Ellen G. In A Page: Signs and Symptoms. Malden, Massachusetts: Blackwell Publishing, 2004:3; 3. Sailer, Christian, Wasner, Susanne. Differential Diagnosis Pocket. Hermosa Beach, CA: Borm Bruckmeir Publishing LLC, 2002:7 .
