This is an interesting concept but convey little macroeconomic conclusions by not considering needs and opportunities - and deliberately ignoring the lack of alternatives for a global economy mostly running out of coal and oil.
For someone enjoying a comfortable living and lifestyle options, this calculation makes absolute sense. However, to the 79% world population living under 5 dollars a day, the expectation is none but having three meals a day, driving out on weekends, and exploring the world on a fancy cruise line.
Indeed, this is a fairly dichotomous and restrictive analysis but prevents us from rashly concluding that subsistence equals global happiness, and so the rich should start growing lettuces in their backyards and the poor restraining themselves from dreaming about trendy outfits.
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