TRC: Special Report on the Global Economy
Kaleb
Global Economy - Special Report. Data collected May 31st
Ever wondered which economy pays the best wages? Or which countries are actually the most effective at producing and selling goods? Or which countries have invested the most Gold in their economy in the last 30 days? Now you can find out!
In order to give a greater insight into the global Erepublik economy I've augmented my usual analysis with some additional information which I hope people will find useful. I hope to do a report like this once a month.
Unemployment
1 Norway 19.90%
2 Hungary 24.72%
3 UK 24.78%
4 Venezuela 26.17%
5 Austria 26.19%
6 Portugal 29.25%
7 Sweden 30.38%
8 Turkey 30.74%
9 Spain 31.08%
10 Indonesia 31.98%
11 Italy 33.04%
12 Brazil 33.43%
13 Romania 36.45%
14 Canada 37.86%
15 France 39.06%
16 Netherlands 41.03%
17 Argentina 41.09%
18 Pakistan 43.61%
19 USA 44.76%
20 Iran 46.36%
This information is viewable in the top countries data but I thought I'd put in here for a top 20 comparison. My unemployment figure is also slightly different to what you get on the Economy pages.
Unemployment Change
1 UK -31.2%
2 Hungary -29.6%
3 Spain -17.4%
4 Sweden -13.8%
5 Canada -11.1%
6 Portugal -10.2%
7 USA -8.8%
8 Indonesia -6.0%
9 Austria -5.9%
10 Brazil -3.3%
11 Norway -0.9%
12 Netherlands 2.2%
13 France 4.5%
14 Turkey 7.9%
15 Iran 8.3%
16 Romania 8.9%
17 Italy 10.8%
18 Venezuela 12.5%
19 Argentina 15.8%
20 Pakistan 51.9%
Something you won't get anywhere else! Strangely enough, despite having a planned economy, Pakistan has one of the highest unemployment rates now having seen unemployment rise 50% in May. Many companies have a surplus stock to sell and perhaps don't feel the need to go out and hire more staff, perhaps that could be a reason. On the other hand, the UK has seen Unemployment drop the fastest.
Gold Investments (Gold invested in company formation, Export Licenses and Upgrades)
1 Spain 4820
2 Indonesia 3920
3 Romania 3580
4 Italy 2695
5 Iran 2510
6 Sweden 2465
7 Turkey 2085
8 Austria 1265
9 Hungary 1170
10 USA 1050
11 Norway 1045
12 UK 790
13 Argentina 790
14 France 750
15 Venezuela 605
16 Pakistan 545
17 Canada 515
18 Brazil 425
19 Netherlands 230
20 Portugal 225
Here is certainly something you can't get anywhere else! This table shows how much Gold has been invested in each Erepublik economy over the past 30 days. Spain has had a whopping 4800 Gold invested in it's economy in May. That's gold invested in company formation, export licenses and upgrades. This is very much at the heart of the reason why Spain now sits on top of the GDP standings. This is also mainly a by-product of people inviting other people and using the Gold to create companies. Iran has also had a lot of gold investment which is why their GDP/C and GDP/W looks so high. It's not mainly down to sales.
GDS - Gross Domestic Sales, the total value of all goods produced and sold by companies from that country
1 Sweden 6618.99
2 Spain 6576.88
3 Italy 3936.47
4 Norway 3115.29
5 Indonesia 3074.38
6 Pakistan 2792.62
7 Romania 2779.03
8 UK 1980.6
9 Austria 1524.8
10 Portugal 1333.75
11 Turkey 1234.17
12 USA 1145.52
13 Hungary 839.28
14 Brazil 837.73
15 Venezuela 818.09
16 France 752.71
17 Iran 736.93
18 Canada 682.68
19 Netherlands 474.06
20 Argentina 318.07
This is basically the GDP figure minus the Gold investments, so we can see what the economy is making through selling it's produce. This is quite an eye opener and actually shows that Sweden still has the biggest economy in terms of what it makes and sells. Indonesia's economic strength also doesn't look as impressive and it comes out at 5th after Norway when calculated this way. Pakistan also comes much higher in the ranking with this system.
GDS/Worker
1 Pakistan 5.81
2 Norway 4.78
3 Sweden 4.45
4 Spain 4.22
5 UK 3.93
6 Canada 3.92
7 France 3.86
8 Brazil 3.79
9 Italy 3.74
10 Portugal 3.6
11 Netherlands 3.44
12 Austria 3.16
13 Turkey 3.01
14 Venezuela 2.87
15 Romania 2.56
16 Hungary 2.46
17 USA 2.44
18 Indonesia 1.99
19 Iran 1.92
20 Argentina 1.13
Very big differences between the top and the bottom! I wanted to show here which economies produce and sell the most goods at the highest prices per worker in their economy. Pakistan shows it's planned economy is quite effective in this regard and Iran and Indonesia actually come out at the bottom. Romania and Turkey also look weak here despite Turkey actually having the highest GDP/Worker figure. Another surprise is Canada coming out at number 6th. 2 months on from the USA-Canada war Canada continues to outperform the US in most economic indicators. Perhaps the US has suffered from being a war base in many recent conflicts...?
AER - The average amount of local currency needed to buy one Gold.
1 Iran 9.5
2 Indonesia 18.0
3 Sweden 21.0
4 UK 22.0
5 Turkey 22.5
6 Romania 36.2
7 Norway 36.2
8 Hungary 36.6
9 Italy 37.7
10 Spain 39.7
11 Austria 40.7
12 Brazil 41.7
13 USA 51.0
14 Pakistan 53.4
15 Canada 53.5
16 Netherlands 56.7
17 Venezuela 59.0
18 France 62.5
19 Argentina 76.5
20 Portugal 264.0
Unfortunately there is still no ingame mechanism for calculating this so I have used my own formula. Iran's currency is worth the most in terms of Gold and Portugal's is the weakest. By my calculation 1 IRR is worth 27.7 PTE - quite a big differential.
Average Wage in terms of local currency
1 Portugal 26.87
2 Norway 8.16
3 Austria 7.99
4 Pakistan 7.68
5 Spain 7.68
6 Sweden 7.54
7 Venezuela 6.76
8 USA 6.68
9 Turkey 6.51
10 France 6.28
11 Canada 6.25
12 Argentina 6.24
13 Hungary 6.03
14 UK 5.82
15 Indonesia 5.47
16 Italy 5.12
17 Romania 4.92
18 Netherlands 4.32
19 Iran 3.71
20 Brazil 2.91
Here are the average wages in Erepublik's T20 in terms of local currency. Portugal seems to pay the highest wage here, right?
Average Wage in terms of AER (ie the value of the wage in Gold)
1 Iran 0.39
2 Sweden 0.36
3 Indonesia 0.3
4 Turkey 0.29
5 UK 0.26
6 Norway 0.23
7 Austria 0.2
8 Spain 0.19
9 Hungary 0.16
10 Pakistan 0.14
11 Romania 0.14
12 Italy 0.14
13 USA 0.13
14 Canada 0.12
15 Venezuela 0.11
16 Portugal 0.1
17 France 0.1
18 Argentina 0.08
19 Netherlands 0.08
20 Brazil 0.07
If you calculate the average wage in terms of how much Gold you can get with that wage, this is how the Average Wage T20 look. If you want to earn money to get a hold of Gold then Iran, Sweden and Indonesia are the best places to be.
Average Wage in terms of RER (ie the value of the wage in local goods)
1 Sweden 0.21
2 Norway 0.21
3 Portugal 0.2
4 UK 0.18
5 Brazil 0.18
6 Spain 0.18
7 Netherlands 0.17
8 Pakistan 0.16
9 Venezuela 0.15
10 Turkey 0.14
11 Iran 0.14
12 Italy 0.14
13 Indonesia 0.13
14 Austria 0.13
15 Canada 0.12
16 USA 0.12
17 Romania 0.11
18 France 0.11
19 Hungary 0.1
20 Argentina 0.07
This is the Average Wage in terms of what you can buy in the local economy with your wage. Sweden, Norway and Portugal are the place to be if you want to be able to buy goods at your local market with your wage.
Average Wage in terms of AER and RER average
1 Sweden 0.29
2 Iran 0.26
3 UK 0.22
4 Norway 0.22
5 Indonesia 0.22
6 Turkey 0.21
7 Spain 0.19
8 Austria 0.16
9 Pakistan 0.15
10 Portugal 0.15
11 Italy 0.14
12 Hungary 0.13
13 Venezuela 0.13
14 USA 0.13
15 Brazil 0.12
16 Romania 0.12
17 Netherlands 0.12
18 Canada 0.12
19 France 0.1
20 Argentina 0.07
But which country's citizens are actually earning the most? The figure above takes an average of the above two rates so it factors into account both what you can buy with your wage and how much Gold you can get with it. According to this stat Sweden, Iran and the UK are the best places to be.
Overall, when you factor in unemployment rates I would have to say, in pure Economic terms, that the best place to start life in Erepublik as a normal working citizen are Norway and then the UK.
Comments
Voted!
This should go onto the Wikipedia
As always... well done Kaleb!
If you feel like reproducing this article in other languages in other countries please feel free as long as you put a link to your article in the comments here and a link to this article in yours 🙂
Any questions, just ask!
Just brilliant.
I wonder if Pakistan\'s high unemployement may be as a result of malicious multiaccounting, so many cases occured.
Nah, probably because of a lot of people returning from a lot of places and immigrants. Been hiring a lot of people the recent weeks.
Abdul\'s got a point, and everyone was out fighting.
Also there seems to be a problem here where your figures always back the status quo. For example, if you wanted to get a hold of Gold in Iran there are better ways to do it than working, their wages are minimal and even Q4 companies run out of IRR to pay workers. No one can buy anything but food on a day\'s wage because they clamp down so tightly on the national currency - in order to artificially inflate your calculated values.
In that sense I think your monthly computations only serve to justify bizarre and almost criminal behaviors.
Voted
Kaleb, you never fail to amaze me.
This article has now been linked to in the newspaper \"Purjolök Economics\" in Sweden. The article in \"Purjolök Economics\" is not a complete translation, just a report about the Swedish position in the world economy, and this report was the source of information. Link: http://www.erepublik.com/article-330891.html
Wow, well done.
On a related subject, I had no idea that the IRR was such a strong currency.
The Iranian economy in Koroush\'s time was impressive to say the least, with vast numbers of companies, and unemployment was at an all time low. It appears the Iranian economy has been screwed up since then.
Though gold is VERY cheap for IRR at the moment, with gold just floating around and being sold as low as 9 IRR per 1 gold.
Its also surprising that the Pakistani unemployment rate has leaped so high. Now I know that planned economies generally kick back and cause problems later on, but how Pakistan\'s rate has jumped so high is anyone\'s guess.
@Darksei😛 \"your figures always back the status quo.\" Firstly, what exactly do you think the \'status quo\' is? I highly doubt I\'m backing any status quo, you\'re probably just not reading my whole report and criticising individual bits without looking at the whole.
\"For example, if you wanted to get a hold of Gold in Iran there are better ways to do it than working, their wages are minimal and even Q4 companies run out of IRR to pay workers.\"
You mean like inviting people? Isn\'t that true in any country? That\'s not an option open to everyone (if you don\'t want to cheat) and my point was that if you do want to make gold by working then Iran is one of the best places to do so (IF you can get a job that is, they have very high unemployment).
\"No one can buy anything but food on a day\'s wage\"
Which will be why the AW-RER in Iran is lower than most countries in the T20. But it\'s still higher than others...
\"because they clamp down so tightly on the national currency - in order to artificially inflate your calculated values.\"
Clamping down on the national currency is a legitimate policy, most other countries have done the exact opposite. There are pros and cons to devaluing or appreciating your national currency. Typically governments have gone for the \'devalue\' strategy, I\'m just trying to show the flip side to the coin here. ie I am actually trying to go against what I see as the \'status quo\'
The \"Average Wage in terms of RER (ie the value of the wage in local goods)\" is truly as high in Sweden as you indicate but there are big differences depending on what you buy. Weapons are for example expensive in USA compared to Sweden but gifts are about the same.
There is a big difference on different markets because some industries are overproducing and som have a lack of skilled workers.
A great article once more...
Extremly good job!!! Not only statistics, but information!
good article
I think the unemployment might have something to do with all the people still returning from war overseas who haven\'t rehired
Unemployment is explained by the recent massive campaigns to get new citizens and by the fact that over 120 people were returning from the german wars.
were not even on that list lol..
Extraordinary..brilliant
i am working in a ipc (in englihs Consumer Price Index cpi) in spain
Becouse i want help in the monetary politics of my country
Have you got anithing about ir???
Excuse for my englishs...is pathetic
Thanks
excuse i think that your ere is more or les equivalent...
i am having problems wiht the ponderation for the index...some help???
how you ponderate the diferent qualities in the same produt???
And teh diferent produts in the index???
Are you thinking about an deflactor of the pib( GDP in elglish)
and about an balance of payments ??
Thanks for the information
I helped Tevin create the RER forumula we use now, it was previously a value for the velocity of money which didn\'t help much at all.
I explain how RER is calculate here:
http://www.erepublik.com/article-101021.html
I will do a Balance of Payments report but first we need a proper system for AER. At the moment imports and exports are based on RER but this is misleading as it should be calculated on the value of the currency not average prices.
RER is basically a CPI which is why you can use it to measure inflation in the game. The Economics page now has an inflation figure but I don\'t know how they are calculating this yet!
Thanks kaleb, really is better that the cpi ( in spain ipc) really is what we in spain in ecomics faculty calls \" Deflactor del PI\" OR SIMMILAR
Better but more dificult in the real world to calculate .
Thanks
hehe nice to talk to another Economist!
that\'s one thing I like about Erepublik, economic theories and formulas are actually easier to apply than in real life because often real life complexities get in the way and you never get \'ceteris paribas\' to test the impact of one variable changing without other variables also changing!
I\'m thinking of doing analysis to see how the Fisher equation works in Erepublik to track the correlation between unemployment and inflation. it often doesn\'t work in real life because of other complexities so it will be interesting to see how it works here...
Good work, Kaleb! Nice to know you. I\'ll take your work as a reference. Thanks.
I\'m a Espanish Journalist. See you soon.
well you know ..before the 70,s works better than after...when becomes to grow the stanflaccion...in a non efficiente markets like can be this ( at least know in spain markets) anythinh else is posible...😉
I am waiting your conclusions about curve of fisher...
really it is great , you are doing anything else i wnt to do but have no time to do...
An peticion , as congressman in spain ii am redacting a law to create the INE ( Nacional intitute os stadistics) in order to work in nacional stadistics,PCI, Balance of Payments..etc...in a non short way to go...
I am Recruiting a Wise persons\' committee
Coul we consult dudes if we have???
Thanks...
A dude you think that an natural monopoly ( statal or private with controls in order to distribute teh excedent of the consummer and regulate prices and ofert) coul be posible at theLong term...
really seems that the Economies on a large scale are Increasing Forever...and yiou know the efect in the marginal cost and Average cost curves...
Thanks
😉
i\'m from iran
it\'s right
ok!!
great job ... very interesting and usefull ! Thank you 😉
thanks for all the positive feedback people - more votes than Erepublik Insider 😃
@sugarat - I\'m actually talking with the admins about introducing Decreasing Returns to Scale as at the moment you only get increasing returns, so larger companies always have an advantage over smaller ones, and that is unrealistic.
I\'ll also be happy to help you with your stats in Spain. one big tip I would give - try and keep your currency stable!
thanks i.ve presented the law about INE in the spanih congress
And Decreasing Returns to Scale are necesary...
Voed
LINK TO THE SPANISH VERSION.
http://www.erepublik.com/article-339471.html
Nice article . . . will forward this to our President.
Oh wait, we are busy at the moment 🙂
voted
Hi Kaleb! To evaluate the correlation inflation-unemployment, you would need reliable data about unemployment. I think one of the biggest problems in erepublik is the numbers are distorted by the game-tiredness (you only have to compare population and election number of votes). As the games need almost 30 days to “kill” an inactive player, is hard to see if a player does not work for lack af job, or lack of interest.
See you in a week 🙂
yes, see you soon Daniel 😉 - I\'ll be using a ticket from K-Travel to get you!
you\'re absolutely right about unemployment, it is also tricky to calculate because of all the SOs. technically \'unemployment\' should just be the people who are looking for jobs but don\'t have one so this would exclude people who are without a job but inactive.
unfortunately there is no way we can find this out at the moment!
I don\'t think the SOs would be really a problem (if you have a SO, usually you are working too). And right, WE can\'t filter the inactive people (the real problem), but the admins CAN do it. They can filter all the unemployed users who haven\'t logged in 10days (except the people in holiday mode). This way, the populations and the soldier numbers would be more accurate.
Ah! Maybe you can use a ticket from eMove to back home. I have 3 tickets waiting for you 🙂
oh yes, an \'active citizens\' info page would be so very handy!
Grr Ireland has slipped too far behing ;_;
nice article
Great Article..
Oh and by the way 100th Voter.!
well done article, and also, agreed with the best places to be. 😃