WEBVTT Kind: captions Language: en 00:00:08.480 --> 00:00:10.549 align:start position:0% the<00:00:08.639> gap<00:00:09.040> between<00:00:09.519> rich<00:00:09.760> and<00:00:10.000> poor<00:00:10.320> in<00:00:10.480> the 00:00:10.549 --> 00:00:10.559 align:start position:0% the gap between rich and poor in the 00:00:10.559 --> 00:00:13.350 align:start position:0% the gap between rich and poor in the world<00:00:10.880> is<00:00:11.040> enormous 00:00:13.350 --> 00:00:13.360 align:start position:0% world is enormous 00:00:13.360 --> 00:00:15.110 align:start position:0% world is enormous whether<00:00:13.679> you<00:00:13.759> make<00:00:14.000> comparisons<00:00:14.719> between 00:00:15.110 --> 00:00:15.120 align:start position:0% whether you make comparisons between 00:00:15.120 --> 00:00:17.590 align:start position:0% whether you make comparisons between countries 00:00:17.590 --> 00:00:17.600 align:start position:0% countries 00:00:17.600 --> 00:00:20.230 align:start position:0% countries or<00:00:17.840> look<00:00:18.000> at<00:00:18.160> variations<00:00:18.880> within<00:00:19.199> a<00:00:19.279> country 00:00:20.230 --> 00:00:20.240 align:start position:0% or look at variations within a country 00:00:20.240 --> 00:00:22.630 align:start position:0% or look at variations within a country differences<00:00:20.880> in<00:00:21.039> people's<00:00:21.520> life<00:00:21.840> experiences 00:00:22.630 --> 00:00:22.640 align:start position:0% differences in people's life experiences 00:00:22.640 --> 00:00:27.830 align:start position:0% differences in people's life experiences are<00:00:22.800> huge 00:00:27.830 --> 00:00:27.840 align:start position:0% 00:00:27.840 --> 00:00:29.189 align:start position:0% one<00:00:28.000> of<00:00:28.080> the<00:00:28.160> wealthiest<00:00:28.640> countries<00:00:29.039> in<00:00:29.119> the 00:00:29.189 --> 00:00:29.199 align:start position:0% one of the wealthiest countries in the 00:00:29.199 --> 00:00:31.830 align:start position:0% one of the wealthiest countries in the world<00:00:29.519> is<00:00:29.599> the<00:00:29.760> united<00:00:30.240> states<00:00:30.560> of<00:00:30.720> america 00:00:31.830 --> 00:00:31.840 align:start position:0% world is the united states of america 00:00:31.840 --> 00:00:34.310 align:start position:0% world is the united states of america and<00:00:32.000> yet<00:00:32.320> side<00:00:32.640> by<00:00:32.960> side<00:00:33.360> with<00:00:33.520> considerable 00:00:34.310 --> 00:00:34.320 align:start position:0% and yet side by side with considerable 00:00:34.320 --> 00:00:35.510 align:start position:0% and yet side by side with considerable wealth 00:00:35.510 --> 00:00:35.520 align:start position:0% wealth 00:00:35.520 --> 00:00:39.590 align:start position:0% wealth is<00:00:35.680> substantial<00:00:36.320> poverty 00:00:39.590 --> 00:00:39.600 align:start position:0% 00:00:39.600 --> 00:00:41.590 align:start position:0% some<00:00:39.840> having<00:00:40.079> a<00:00:40.160> living<00:00:40.559> standard<00:00:41.040> far<00:00:41.360> above 00:00:41.590 --> 00:00:41.600 align:start position:0% some having a living standard far above 00:00:41.600 --> 00:00:45.750 align:start position:0% some having a living standard far above the<00:00:41.760> mean<00:00:42.079> average<00:00:42.879> and<00:00:43.040> others<00:00:43.440> far<00:00:43.680> below 00:00:45.750 --> 00:00:45.760 align:start position:0% the mean average and others far below 00:00:45.760 --> 00:00:47.510 align:start position:0% the mean average and others far below the<00:00:45.920> reasons<00:00:46.320> for<00:00:46.480> such<00:00:46.719> disparities<00:00:47.440> and 00:00:47.510 --> 00:00:47.520 align:start position:0% the reasons for such disparities and 00:00:47.520 --> 00:00:49.430 align:start position:0% the reasons for such disparities and their<00:00:47.760> possible<00:00:48.239> effects<00:00:48.879> have<00:00:49.039> always<00:00:49.280> been 00:00:49.430 --> 00:00:49.440 align:start position:0% their possible effects have always been 00:00:49.440 --> 00:00:52.470 align:start position:0% their possible effects have always been of<00:00:49.600> great<00:00:49.840> interest<00:00:50.160> to<00:00:50.320> social<00:00:50.719> scientists 00:00:52.470 --> 00:00:52.480 align:start position:0% of great interest to social scientists 00:00:52.480 --> 00:00:54.709 align:start position:0% of great interest to social scientists many<00:00:52.800> of<00:00:52.960> them<00:00:53.199> feel<00:00:53.760> that<00:00:53.920> there's<00:00:54.160> a<00:00:54.320> link 00:00:54.709 --> 00:00:54.719 align:start position:0% many of them feel that there's a link 00:00:54.719 --> 00:00:56.869 align:start position:0% many of them feel that there's a link between<00:00:55.280> material<00:00:56.000> prosperity<00:00:56.719> and 00:00:56.869 --> 00:00:56.879 align:start position:0% between material prosperity and 00:00:56.879 --> 00:00:59.990 align:start position:0% between material prosperity and happiness<00:00:58.320> do<00:00:58.480> you<00:00:58.559> see<00:00:59.039> a<00:00:59.199> close<00:00:59.600> link 00:00:59.990 --> 00:01:00.000 align:start position:0% happiness do you see a close link 00:01:00.000 --> 00:01:02.310 align:start position:0% happiness do you see a close link between<00:01:00.640> the<00:01:00.879> level<00:01:01.120> of<00:01:01.359> income<00:01:01.760> that<00:01:02.000> people 00:01:02.310 --> 00:01:02.320 align:start position:0% between the level of income that people 00:01:02.320 --> 00:01:05.109 align:start position:0% between the level of income that people enjoy<00:01:03.039> and<00:01:03.520> their<00:01:03.920> happiness<00:01:04.720> i<00:01:04.799> think<00:01:04.960> the 00:01:05.109 --> 00:01:05.119 align:start position:0% enjoy and their happiness i think the 00:01:05.119 --> 00:01:07.429 align:start position:0% enjoy and their happiness i think the newest<00:01:05.519> research<00:01:06.000> in<00:01:06.080> that<00:01:06.320> area<00:01:07.040> generally 00:01:07.429 --> 00:01:07.439 align:start position:0% newest research in that area generally 00:01:07.439 --> 00:01:08.950 align:start position:0% newest research in that area generally show<00:01:07.760> two<00:01:08.000> things 00:01:08.950 --> 00:01:08.960 align:start position:0% show two things 00:01:08.960 --> 00:01:11.190 align:start position:0% show two things one<00:01:09.520> that<00:01:09.680> richer<00:01:10.000> countries<00:01:10.479> are<00:01:10.640> happier<00:01:11.119> on 00:01:11.190 --> 00:01:11.200 align:start position:0% one that richer countries are happier on 00:01:11.200 --> 00:01:13.190 align:start position:0% one that richer countries are happier on the<00:01:11.280> average<00:01:11.680> and<00:01:11.840> poorer<00:01:12.159> countries 00:01:13.190 --> 00:01:13.200 align:start position:0% the average and poorer countries 00:01:13.200 --> 00:01:14.950 align:start position:0% the average and poorer countries and<00:01:13.360> that<00:01:13.520> richer<00:01:13.920> people<00:01:14.400> in<00:01:14.560> the<00:01:14.640> same 00:01:14.950 --> 00:01:14.960 align:start position:0% and that richer people in the same 00:01:14.960 --> 00:01:17.030 align:start position:0% and that richer people in the same country<00:01:15.439> are<00:01:15.600> on<00:01:15.759> the<00:01:15.840> average<00:01:16.240> happier<00:01:16.799> than 00:01:17.030 --> 00:01:17.040 align:start position:0% country are on the average happier than 00:01:17.040 --> 00:01:19.030 align:start position:0% country are on the average happier than poorer<00:01:17.360> people<00:01:17.759> in<00:01:17.840> that<00:01:18.080> country<00:01:18.560> and<00:01:18.799> these 00:01:19.030 --> 00:01:19.040 align:start position:0% poorer people in that country and these 00:01:19.040 --> 00:01:20.710 align:start position:0% poorer people in that country and these results<00:01:19.439> are<00:01:19.520> kind<00:01:19.680> of<00:01:19.840> consistent<00:01:20.320> with<00:01:20.560> each 00:01:20.710 --> 00:01:20.720 align:start position:0% results are kind of consistent with each 00:01:20.720 --> 00:01:23.830 align:start position:0% results are kind of consistent with each other<00:01:21.520> so<00:01:21.680> i<00:01:21.920> think<00:01:22.240> the<00:01:22.880> most<00:01:23.439> latest 00:01:23.830 --> 00:01:23.840 align:start position:0% other so i think the most latest 00:01:23.840 --> 00:01:25.910 align:start position:0% other so i think the most latest research<00:01:24.320> i<00:01:24.400> think<00:01:24.560> is<00:01:24.799> questioned<00:01:25.600> the 00:01:25.910 --> 00:01:25.920 align:start position:0% research i think is questioned the 00:01:25.920 --> 00:01:27.429 align:start position:0% research i think is questioned the questioning<00:01:26.560> of<00:01:26.640> whether<00:01:26.880> there's<00:01:27.119> a<00:01:27.200> link 00:01:27.429 --> 00:01:27.439 align:start position:0% questioning of whether there's a link 00:01:27.439 --> 00:01:29.429 align:start position:0% questioning of whether there's a link between<00:01:27.840> happiness<00:01:28.640> and<00:01:28.799> income<00:01:29.200> you<00:01:29.280> know 00:01:29.429 --> 00:01:29.439 align:start position:0% between happiness and income you know 00:01:29.439 --> 00:01:31.109 align:start position:0% between happiness and income you know it's<00:01:29.520> not<00:01:29.680> a<00:01:29.759> perfect<00:01:30.079> link<00:01:30.400> by<00:01:30.560> any<00:01:30.720> means<00:01:30.960> we 00:01:31.109 --> 00:01:31.119 align:start position:0% it's not a perfect link by any means we 00:01:31.119 --> 00:01:33.030 align:start position:0% it's not a perfect link by any means we all<00:01:31.280> know<00:01:31.600> quite<00:01:31.840> wealthy<00:01:32.240> people<00:01:32.720> really 00:01:33.030 --> 00:01:33.040 align:start position:0% all know quite wealthy people really 00:01:33.040 --> 00:01:36.069 align:start position:0% all know quite wealthy people really miserable<00:01:34.000> um<00:01:34.400> and<00:01:34.640> so<00:01:34.799> on<00:01:35.040> and<00:01:35.360> uh<00:01:35.680> people<00:01:36.000> are 00:01:36.069 --> 00:01:36.079 align:start position:0% miserable um and so on and uh people are 00:01:36.079 --> 00:01:38.550 align:start position:0% miserable um and so on and uh people are not<00:01:36.320> wealthy<00:01:36.799> or<00:01:37.040> poor<00:01:37.439> who<00:01:38.079> are<00:01:38.240> quite 00:01:38.550 --> 00:01:38.560 align:start position:0% not wealthy or poor who are quite 00:01:38.560 --> 00:01:40.469 align:start position:0% not wealthy or poor who are quite content<00:01:39.200> so<00:01:39.439> there's<00:01:39.520> a<00:01:39.520> lot<00:01:39.680> of<00:01:39.759> deviations 00:01:40.469 --> 00:01:40.479 align:start position:0% content so there's a lot of deviations 00:01:40.479 --> 00:01:42.469 align:start position:0% content so there's a lot of deviations but<00:01:40.640> i<00:01:40.720> think<00:01:40.960> on<00:01:41.280> as<00:01:41.439> an<00:01:41.600> average<00:01:42.079> as<00:01:42.320> a 00:01:42.469 --> 00:01:42.479 align:start position:0% but i think on as an average as a 00:01:42.479 --> 00:01:44.310 align:start position:0% but i think on as an average as a statistical<00:01:43.200> relation 00:01:44.310 --> 00:01:44.320 align:start position:0% statistical relation 00:01:44.320 --> 00:01:46.630 align:start position:0% statistical relation yes<00:01:44.560> i<00:01:44.720> am<00:01:44.880> confident<00:01:45.520> that<00:01:45.680> the<00:01:46.000> data<00:01:46.320> show<00:01:46.560> a 00:01:46.630 --> 00:01:46.640 align:start position:0% yes i am confident that the data show a 00:01:46.640 --> 00:01:48.149 align:start position:0% yes i am confident that the data show a positive<00:01:47.040> relationship<00:01:47.520> between<00:01:47.759> happiness 00:01:48.149 --> 00:01:48.159 align:start position:0% positive relationship between happiness 00:01:48.159 --> 00:01:49.749 align:start position:0% positive relationship between happiness and<00:01:48.320> income 00:01:49.749 --> 00:01:49.759 align:start position:0% and income 00:01:49.759 --> 00:01:51.429 align:start position:0% and income but<00:01:49.920> we<00:01:50.079> need<00:01:50.240> to<00:01:50.399> be<00:01:50.560> able<00:01:50.799> to<00:01:50.960> measure<00:01:51.280> the 00:01:51.429 --> 00:01:51.439 align:start position:0% but we need to be able to measure the 00:01:51.439 --> 00:01:54.389 align:start position:0% but we need to be able to measure the degree<00:01:52.000> of<00:01:52.159> disparity<00:01:53.360> and<00:01:53.600> for<00:01:53.759> that<00:01:54.000> we<00:01:54.159> need 00:01:54.389 --> 00:01:54.399 align:start position:0% degree of disparity and for that we need 00:01:54.399 --> 00:01:56.870 align:start position:0% degree of disparity and for that we need some<00:01:54.640> statistical<00:01:55.280> techniques 00:01:56.870 --> 00:01:56.880 align:start position:0% some statistical techniques 00:01:56.880 --> 00:01:58.310 align:start position:0% some statistical techniques we'll<00:01:57.119> look<00:01:57.280> at<00:01:57.360> one<00:01:57.600> or<00:01:57.680> two<00:01:57.920> of<00:01:58.000> those 00:01:58.310 --> 00:01:58.320 align:start position:0% we'll look at one or two of those 00:01:58.320 --> 00:02:00.709 align:start position:0% we'll look at one or two of those techniques<00:01:58.799> in<00:01:58.960> this<00:01:59.200> film<00:02:00.000> and<00:02:00.159> then<00:02:00.399> one<00:02:00.640> or 00:02:00.709 --> 00:02:00.719 align:start position:0% techniques in this film and then one or 00:02:00.719 --> 00:02:03.270 align:start position:0% techniques in this film and then one or two<00:02:00.960> more<00:02:01.280> advanced<00:02:01.840> techniques<00:02:02.719> in<00:02:02.880> later 00:02:03.270 --> 00:02:03.280 align:start position:0% two more advanced techniques in later 00:02:03.280 --> 00:02:05.910 align:start position:0% two more advanced techniques in later films 00:02:05.910 --> 00:02:05.920 align:start position:0% 00:02:05.920 --> 00:02:09.270 align:start position:0% first<00:02:06.799> we<00:02:07.040> need<00:02:07.200> to<00:02:07.280> distinguish<00:02:08.160> wealth<00:02:09.039> and 00:02:09.270 --> 00:02:09.280 align:start position:0% first we need to distinguish wealth and 00:02:09.280 --> 00:02:10.790 align:start position:0% first we need to distinguish wealth and income 00:02:10.790 --> 00:02:10.800 align:start position:0% income 00:02:10.800 --> 00:02:12.550 align:start position:0% income wealth<00:02:11.200> is<00:02:11.360> a<00:02:11.520> stock 00:02:12.550 --> 00:02:12.560 align:start position:0% wealth is a stock 00:02:12.560 --> 00:02:15.270 align:start position:0% wealth is a stock like<00:02:12.720> the<00:02:12.879> amount<00:02:13.200> of<00:02:13.360> water<00:02:13.680> in<00:02:13.760> the<00:02:13.920> bath 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align:start position:0% that's part of my wealth 00:02:32.480 --> 00:02:34.150 align:start position:0% that's part of my wealth wealth<00:02:32.720> and<00:02:32.879> income<00:02:33.200> are<00:02:33.360> clearly<00:02:33.680> related 00:02:34.150 --> 00:02:34.160 align:start position:0% wealth and income are clearly related 00:02:34.160 --> 00:02:35.670 align:start position:0% wealth and income are clearly related but<00:02:34.319> they're<00:02:34.560> different 00:02:35.670 --> 00:02:35.680 align:start position:0% but they're different 00:02:35.680 --> 00:02:37.750 align:start position:0% but they're different so<00:02:35.920> in<00:02:36.080> almost<00:02:36.400> all<00:02:36.720> societies<00:02:37.360> there<00:02:37.599> are 00:02:37.750 --> 00:02:37.760 align:start position:0% so in almost all societies there are 00:02:37.760 --> 00:02:39.430 align:start position:0% so in almost all societies there are differences<00:02:38.239> in<00:02:38.400> income 00:02:39.430 --> 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the<00:02:49.680> way 00:02:50.070 --> 00:02:50.080 align:start position:0% we've come to sweden to look at the way 00:02:50.080 --> 00:02:53.110 align:start position:0% we've come to sweden to look at the way that<00:02:50.400> wealth<00:02:50.720> is<00:02:50.879> distributed<00:02:51.599> here 00:02:53.110 --> 00:02:53.120 align:start position:0% that wealth is distributed here 00:02:53.120 --> 00:02:54.790 align:start position:0% that wealth is distributed here here<00:02:53.280> we<00:02:53.440> are<00:02:53.599> in<00:02:53.680> the<00:02:53.760> beautiful<00:02:54.160> stockholm 00:02:54.790 --> 00:02:54.800 align:start position:0% here we are in the beautiful stockholm 00:02:54.800 --> 00:02:58.149 align:start position:0% here we are in the beautiful stockholm suburbs<00:02:55.760> some<00:02:56.239> lovely<00:02:56.640> houses<00:02:57.200> here 00:02:58.149 --> 00:02:58.159 align:start position:0% suburbs some lovely houses here 00:02:58.159 --> 00:03:00.070 align:start position:0% suburbs some lovely houses here but<00:02:58.400> not<00:02:58.640> everybody<00:02:59.040> can<00:02:59.280> afford<00:02:59.599> to<00:02:59.760> live<00:02:59.920> in 00:03:00.070 --> 00:03:00.080 align:start position:0% but not everybody can afford to live in 00:03:00.080 --> 00:03:01.589 align:start position:0% but not everybody can afford to live in a<00:03:00.159> house<00:03:00.480> like<00:03:00.720> this 00:03:01.589 --> 00:03:01.599 align:start position:0% a house like this 00:03:01.599 --> 00:03:04.390 align:start position:0% a house like this the<00:03:01.760> distribution<00:03:02.480> of<00:03:02.720> wealth<00:03:03.120> in<00:03:03.360> sweden<00:03:04.159> is 00:03:04.390 --> 00:03:04.400 align:start position:0% the distribution of wealth in sweden is 00:03:04.400 --> 00:03:05.750 align:start position:0% the distribution of wealth in sweden is quite<00:03:04.640> uneven 00:03:05.750 --> 00:03:05.760 align:start position:0% quite uneven 00:03:05.760 --> 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distribution<00:03:16.879> of 00:03:17.030 --> 00:03:17.040 align:start position:0% understand how even the distribution of 00:03:17.040 --> 00:03:18.390 align:start position:0% understand how even the distribution of wealth<00:03:17.360> is 00:03:18.390 --> 00:03:18.400 align:start position:0% wealth is 00:03:18.400 --> 00:03:21.509 align:start position:0% wealth is we<00:03:18.640> need<00:03:18.800> to<00:03:18.959> know<00:03:19.440> what<00:03:19.760> counts<00:03:20.159> as<00:03:20.400> wealth 00:03:21.509 --> 00:03:21.519 align:start position:0% we need to know what counts as wealth 00:03:21.519 --> 00:03:23.430 align:start position:0% we need to know what counts as wealth there<00:03:21.680> are<00:03:21.760> different<00:03:22.159> ways<00:03:22.560> of<00:03:22.640> defining 00:03:23.430 --> 00:03:23.440 align:start position:0% there are different ways of defining 00:03:23.440 --> 00:03:24.390 align:start position:0% there are different ways of defining wealth 00:03:24.390 --> 00:03:24.400 align:start position:0% wealth 00:03:24.400 --> 00:03:25.990 align:start position:0% wealth in<00:03:24.480> the<00:03:24.640> uk 00:03:25.990 --> 00:03:26.000 align:start position:0% in the uk 00:03:26.000 --> 00:03:27.910 align:start position:0% in the uk wealth<00:03:26.400> usually<00:03:26.879> means 00:03:27.910 --> 00:03:27.920 align:start position:0% wealth usually means 00:03:27.920 --> 00:03:29.830 align:start position:0% wealth usually means marketable<00:03:28.640> wealth 00:03:29.830 --> 00:03:29.840 align:start position:0% marketable wealth 00:03:29.840 --> 00:03:30.830 align:start position:0% marketable wealth so<00:03:30.000> it<00:03:30.159> would 00:03:30.830 --> 00:03:30.840 align:start position:0% so it would 00:03:30.840 --> 00:03:33.830 align:start position:0% so it would include<00:03:31.760> stocks<00:03:32.239> and<00:03:32.400> shares 00:03:33.830 --> 00:03:33.840 align:start position:0% include stocks and shares 00:03:33.840 --> 00:03:35.750 align:start position:0% include stocks and shares you<00:03:34.000> can<00:03:34.159> always<00:03:34.480> sell<00:03:34.720> them 00:03:35.750 --> 00:03:35.760 align:start position:0% you can always sell them 00:03:35.760 --> 00:03:37.270 align:start position:0% you can always sell them your<00:03:36.080> house 00:03:37.270 --> 00:03:37.280 align:start position:0% your house 00:03:37.280 --> 00:03:39.350 align:start position:0% your house you<00:03:37.440> can<00:03:37.680> always<00:03:38.000> trade<00:03:38.319> it 00:03:39.350 --> 00:03:39.360 align:start position:0% you can always trade it 00:03:39.360 --> 00:03:42.710 align:start position:0% you can always trade it but<00:03:39.599> it<00:03:39.760> would<00:03:40.400> exclude<00:03:41.360> your<00:03:41.599> pension<00:03:42.080> rights 00:03:42.710 --> 00:03:42.720 align:start position:0% but it would exclude your pension rights 00:03:42.720 --> 00:03:45.270 align:start position:0% but it would exclude your pension rights because<00:03:43.040> you<00:03:43.200> can't<00:03:43.519> sell<00:03:43.760> them 00:03:45.270 --> 00:03:45.280 align:start position:0% because you can't sell them 00:03:45.280 --> 00:03:47.589 align:start position:0% because you can't sell them also<00:03:45.680> tends<00:03:46.000> to<00:03:46.319> exclude 00:03:47.589 --> 00:03:47.599 align:start position:0% also tends to exclude 00:03:47.599 --> 00:03:49.589 align:start position:0% also tends to exclude consumer<00:03:48.159> durables<00:03:48.720> fridges<00:03:49.200> washing 00:03:49.589 --> 00:03:49.599 align:start position:0% consumer durables fridges washing 00:03:49.599 --> 00:03:51.589 align:start position:0% consumer durables fridges washing machines<00:03:50.080> and<00:03:50.159> so<00:03:50.319> on<00:03:50.720> because<00:03:51.040> it's<00:03:51.280> very 00:03:51.589 --> 00:03:51.599 align:start position:0% machines and so on because it's very 00:03:51.599 --> 00:03:54.550 align:start position:0% machines and so on because it's very hard<00:03:51.840> to<00:03:52.080> estimate<00:03:52.640> their<00:03:52.879> value 00:03:54.550 --> 00:03:54.560 align:start position:0% hard to estimate their value 00:03:54.560 --> 00:03:56.390 align:start position:0% hard to estimate their value but<00:03:54.720> here<00:03:54.959> in<00:03:55.120> sweden 00:03:56.390 --> 00:03:56.400 align:start position:0% but here in sweden 00:03:56.400 --> 00:03:58.789 align:start position:0% but here in sweden they<00:03:56.720> do<00:03:57.040> include<00:03:57.519> these<00:03:57.760> things<00:03:58.400> because 00:03:58.789 --> 00:03:58.799 align:start position:0% they do include these things because 00:03:58.799 --> 00:04:01.589 align:start position:0% they do include these things because they<00:03:59.439> get<00:03:59.680> the<00:03:59.840> evidence<00:04:00.319> they<00:04:00.480> require 00:04:01.589 --> 00:04:01.599 align:start position:0% they get the evidence they require 00:04:01.599 --> 00:04:03.830 align:start position:0% they get the evidence they require from<00:04:01.920> surveys 00:04:03.830 --> 00:04:03.840 align:start position:0% from surveys 00:04:03.840 --> 00:04:05.589 align:start position:0% from surveys there's<00:04:04.080> a<00:04:04.239> difference<00:04:04.720> between<00:04:05.200> what<00:04:05.360> we 00:04:05.589 --> 00:04:05.599 align:start position:0% there's a difference between what we 00:04:05.599 --> 00:04:08.149 align:start position:0% there's a difference between what we theoretically<00:04:06.400> would<00:04:06.640> like<00:04:06.959> to<00:04:07.200> include 00:04:08.149 --> 00:04:08.159 align:start position:0% theoretically would like to include 00:04:08.159 --> 00:04:11.030 align:start position:0% theoretically would like to include and<00:04:08.400> what<00:04:08.640> we<00:04:08.879> typically<00:04:09.439> have<00:04:09.920> in<00:04:10.400> terms<00:04:10.720> of 00:04:11.030 --> 00:04:11.040 align:start position:0% and what we typically have in terms of 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you have so it's your financial assets<00:04:19.120> it's<00:04:19.359> your<00:04:20.000> real<00:04:20.320> assets<00:04:20.880> it's<00:04:21.199> it's 00:04:21.349 --> 00:04:21.359 align:start position:0% assets it's your real assets it's it's 00:04:21.359 --> 00:04:22.950 align:start position:0% assets it's your real assets it's it's your<00:04:21.680> things 00:04:22.950 --> 00:04:22.960 align:start position:0% your things 00:04:22.960 --> 00:04:24.790 align:start position:0% your things i<00:04:23.040> mean<00:04:23.280> some<00:04:23.520> things<00:04:23.840> are<00:04:24.080> difficult<00:04:24.560> to 00:04:24.790 --> 00:04:24.800 align:start position:0% i mean some things are difficult to 00:04:24.800 --> 00:04:27.189 align:start position:0% i mean some things are difficult to include<00:04:25.199> because<00:04:25.600> they're<00:04:25.840> not<00:04:26.320> observable 00:04:27.189 --> 00:04:27.199 align:start position:0% include because they're not observable 00:04:27.199 --> 00:04:29.830 align:start position:0% include because they're not observable what<00:04:27.600> economists<00:04:28.080> call<00:04:28.320> your<00:04:28.560> human<00:04:29.040> capital 00:04:29.830 --> 00:04:29.840 align:start position:0% what economists call your human capital 00:04:29.840 --> 00:04:30.710 align:start position:0% what economists call your human capital so 00:04:30.710 --> 00:04:30.720 align:start position:0% so 00:04:30.720 --> 00:04:32.950 align:start position:0% so investments<00:04:31.440> that<00:04:31.680> you've<00:04:32.000> made<00:04:32.320> that<00:04:32.639> make 00:04:32.950 --> 00:04:32.960 align:start position:0% investments that you've made that make 00:04:32.960 --> 00:04:35.510 align:start position:0% investments that you've made that make it<00:04:33.199> possible<00:04:33.680> for<00:04:33.919> you<00:04:34.160> to 00:04:35.510 --> 00:04:35.520 align:start position:0% it possible for you to 00:04:35.520 --> 00:04:38.870 align:start position:0% it possible for you to work<00:04:35.840> a<00:04:36.080> sort<00:04:36.240> of<00:04:36.800> well-paid<00:04:37.360> job<00:04:37.840> for<00:04:38.080> example 00:04:38.870 --> 00:04:38.880 align:start position:0% work a sort of well-paid job for example 00:04:38.880 --> 00:04:41.830 align:start position:0% work a sort of well-paid job for example this<00:04:39.120> is<00:04:39.280> typically<00:04:39.759> not<00:04:40.320> accounted<00:04:40.960> for<00:04:41.600> when 00:04:41.830 --> 00:04:41.840 align:start position:0% this is typically not accounted for when 00:04:41.840 --> 00:04:43.830 align:start position:0% this is typically not accounted for when someone<00:04:42.240> looks<00:04:42.560> at<00:04:42.639> your<00:04:42.960> wealth<00:04:43.520> you<00:04:43.680> know 00:04:43.830 --> 00:04:43.840 align:start position:0% someone looks at your wealth you know 00:04:43.840 --> 00:04:45.350 align:start position:0% someone looks at your wealth you know what<00:04:44.080> do<00:04:44.320> you<00:04:44.479> own 00:04:45.350 --> 00:04:45.360 align:start position:0% what do you own 00:04:45.360 --> 00:04:46.230 align:start position:0% what do you own then 00:04:46.230 --> 00:04:46.240 align:start position:0% then 00:04:46.240 --> 00:04:48.950 align:start position:0% then whatever<00:04:46.720> education<00:04:47.440> you<00:04:47.600> have<00:04:47.919> is<00:04:48.240> is<00:04:48.479> not<00:04:48.800> in 00:04:48.950 --> 00:04:48.960 align:start position:0% whatever education you have is is not in 00:04:48.960 --> 00:04:49.990 align:start position:0% whatever education you have is is not in there 00:04:49.990 --> 00:04:50.000 align:start position:0% there 00:04:50.000 --> 00:04:51.909 align:start position:0% there so<00:04:50.320> some<00:04:50.560> things<00:04:50.880> like<00:04:51.120> the<00:04:51.280> exclusion<00:04:51.759> of 00:04:51.909 --> 00:04:51.919 align:start position:0% so some things like the exclusion of 00:04:51.919 --> 00:04:54.070 align:start position:0% so some things like the exclusion of human<00:04:52.320> capital<00:04:53.280> are<00:04:53.440> common<00:04:53.840> to<00:04:54.000> the 00:04:54.070 --> 00:04:54.080 align:start position:0% human capital are common to the 00:04:54.080 --> 00:04:56.550 align:start position:0% human capital are common to the definition<00:04:54.639> of<00:04:54.800> wealth<00:04:55.199> in<00:04:55.280> the<00:04:55.440> uk<00:04:56.240> and 00:04:56.550 --> 00:04:56.560 align:start position:0% definition of wealth in the uk and 00:04:56.560 --> 00:04:57.909 align:start position:0% definition of wealth in the uk and sweden 00:04:57.909 --> 00:04:57.919 align:start position:0% sweden 00:04:57.919 --> 00:04:59.990 align:start position:0% sweden but<00:04:58.160> other<00:04:58.400> things<00:04:59.120> like<00:04:59.360> the<00:04:59.520> treatment<00:04:59.919> of 00:04:59.990 --> 00:05:00.000 align:start position:0% but other things like the treatment of 00:05:00.000 --> 00:05:03.909 align:start position:0% but other things like the treatment of consumer<00:05:00.560> durables<00:05:01.600> can<00:05:01.840> be<00:05:02.000> different 00:05:03.909 --> 00:05:03.919 align:start position:0% consumer durables can be different 00:05:03.919 --> 00:05:05.670 align:start position:0% consumer durables can be different now<00:05:04.160> we<00:05:04.240> know<00:05:04.400> what<00:05:04.560> we<00:05:04.720> mean<00:05:05.039> by<00:05:05.199> wealth<00:05:05.520> in 00:05:05.670 --> 00:05:05.680 align:start position:0% now we know what we mean by wealth in 00:05:05.680 --> 00:05:07.350 align:start position:0% now we know what we mean by wealth in the<00:05:05.759> swedish<00:05:06.240> context 00:05:07.350 --> 00:05:07.360 align:start position:0% the swedish context 00:05:07.360 --> 00:05:10.390 align:start position:0% the swedish context let's<00:05:07.600> look<00:05:07.759> at<00:05:07.919> its<00:05:08.080> distribution<00:05:08.880> here 00:05:10.390 --> 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00:05:16.720 --> 00:05:17.749 align:start position:0% eight thousand nine hundred and ninety two 00:05:17.749 --> 00:05:17.759 align:start position:0% two 00:05:17.759 --> 00:05:19.749 align:start position:0% two the<00:05:17.919> data<00:05:18.320> shows<00:05:18.560> these<00:05:18.800> households<00:05:19.440> grouped 00:05:19.749 --> 00:05:19.759 align:start position:0% the data shows these households grouped 00:05:19.759 --> 00:05:22.550 align:start position:0% the data shows these households grouped into<00:05:20.160> deciles<00:05:21.199> so<00:05:21.360> the<00:05:21.520> first<00:05:21.759> row<00:05:22.000> of<00:05:22.160> data 00:05:22.550 --> 00:05:22.560 align:start position:0% into deciles so the first row of data 00:05:22.560 --> 00:05:24.950 align:start position:0% into deciles so the first row of data tells<00:05:22.880> us<00:05:23.039> that<00:05:23.199> the<00:05:23.440> mean<00:05:23.680> average<00:05:24.160> wealth<00:05:24.800> of 00:05:24.950 --> 00:05:24.960 align:start position:0% tells us that the mean average wealth of 00:05:24.960 --> 00:05:26.870 align:start position:0% tells us that the mean average wealth of the<00:05:25.199> poorest<00:05:25.759> 10<00:05:26.000> percent<00:05:26.479> of<00:05:26.560> those 00:05:26.870 --> 00:05:26.880 align:start position:0% the poorest 10 percent of those 00:05:26.880 --> 00:05:30.390 align:start position:0% the poorest 10 percent of those households<00:05:27.759> the<00:05:28.000> poorest<00:05:28.880> 462 00:05:30.390 --> 00:05:30.400 align:start position:0% households the poorest 462 00:05:30.400 --> 00:05:32.629 align:start position:0% households the poorest 462 899 00:05:32.629 --> 00:05:32.639 align:start position:0% 899 00:05:32.639 --> 00:05:34.430 align:start position:0% 899 is<00:05:33.440> minus 00:05:34.430 --> 00:05:34.440 align:start position:0% is minus 00:05:34.440 --> 00:05:38.230 align:start position:0% is minus 441<00:05:35.600> 000<00:05:35.919> swedish<00:05:36.479> krona 00:05:38.230 --> 00:05:38.240 align:start position:0% 441 000 swedish krona 00:05:38.240 --> 00:05:41.029 align:start position:0% 441 000 swedish krona the<00:05:38.479> 10th<00:05:38.800> decile<00:05:39.600> shows<00:05:39.919> that<00:05:40.160> on<00:05:40.320> average 00:05:41.029 --> 00:05:41.039 align:start position:0% the 10th decile shows that on average 00:05:41.039 --> 00:05:42.950 align:start position:0% the 10th decile shows that on average the<00:05:41.199> wealth<00:05:41.520> of<00:05:41.680> the<00:05:41.840> richest<00:05:42.240> 10<00:05:42.880> of 00:05:42.950 --> 00:05:42.960 align:start position:0% the wealth of the richest 10 of 00:05:42.960 --> 00:05:45.270 align:start position:0% the wealth of the richest 10 of households<00:05:43.919> is<00:05:44.400> plus 00:05:45.270 --> 00:05:45.280 align:start position:0% households is plus 00:05:45.280 --> 00:05:49.430 align:start position:0% households is plus 6866<00:05:46.639> 000<00:05:47.120> swedish<00:05:47.600> krona 00:05:49.430 --> 00:05:49.440 align:start position:0% 6866 000 swedish krona 00:05:49.440 --> 00:05:50.390 align:start position:0% 6866 000 swedish krona notice 00:05:50.390 --> 00:05:50.400 align:start position:0% notice 00:05:50.400 --> 00:05:52.469 align:start position:0% notice we<00:05:50.720> don't<00:05:51.039> know<00:05:51.360> the<00:05:51.520> spread<00:05:51.919> of<00:05:52.080> wealth 00:05:52.469 --> 00:05:52.479 align:start position:0% we don't know the spread of wealth 00:05:52.479 --> 00:05:55.430 align:start position:0% we don't know the spread of wealth within<00:05:52.800> any<00:05:53.120> group<00:05:53.759> only<00:05:54.160> the<00:05:54.400> mean<00:05:54.880> average 00:05:55.430 --> 00:05:55.440 align:start position:0% within any group only the mean average 00:05:55.440 --> 00:05:58.309 align:start position:0% within any group only the mean average for<00:05:55.600> the<00:05:55.759> whole<00:05:56.080> class 00:05:58.309 --> 00:05:58.319 align:start position:0% for the whole class 00:05:58.319 --> 00:06:00.469 align:start position:0% for the whole class it<00:05:58.400> may<00:05:58.560> be<00:05:58.720> surprising<00:05:59.360> to<00:05:59.600> see 00:06:00.469 --> 00:06:00.479 align:start position:0% it may be surprising to see 00:06:00.479 --> 00:06:03.350 align:start position:0% it may be surprising to see minus<00:06:01.039> numbers<00:06:01.919> but<00:06:02.160> this<00:06:02.319> figure<00:06:02.639> is<00:06:02.800> a<00:06:03.039> net 00:06:03.350 --> 00:06:03.360 align:start position:0% minus numbers but this figure is a net 00:06:03.360 --> 00:06:06.950 align:start position:0% minus numbers but this figure is a net figure<00:06:04.000> wealth<00:06:04.800> minus<00:06:05.280> liabilities<00:06:06.319> such<00:06:06.560> as 00:06:06.950 --> 00:06:06.960 align:start position:0% figure wealth minus liabilities such as 00:06:06.960 --> 00:06:10.070 align:start position:0% figure wealth minus liabilities such as debts<00:06:07.440> from<00:06:07.680> bank<00:06:08.000> borrowing<00:06:08.800> or<00:06:09.280> education 00:06:10.070 --> 00:06:10.080 align:start position:0% debts from bank borrowing or education 00:06:10.080 --> 00:06:12.469 align:start position:0% debts from bank borrowing or education loans<00:06:10.400> still<00:06:10.720> owed<00:06:10.880> to<00:06:11.039> the<00:06:11.120> government 00:06:12.469 --> 00:06:12.479 align:start position:0% loans still owed to the government 00:06:12.479 --> 00:06:15.590 align:start position:0% loans still owed to the government so<00:06:12.720> typically<00:06:13.280> the<00:06:13.520> poorest<00:06:14.479> have<00:06:14.880> less<00:06:15.199> than 00:06:15.590 --> 00:06:15.600 align:start position:0% so typically the poorest have less than 00:06:15.600 --> 00:06:20.950 align:start position:0% so typically the poorest have less than no<00:06:16.000> financial<00:06:16.720> assets<00:06:17.520> they<00:06:17.759> are<00:06:17.919> net<00:06:18.319> debtors 00:06:20.950 --> 00:06:20.960 align:start position:0% no financial assets they are net debtors 00:06:20.960 --> 00:06:23.909 align:start position:0% no financial assets they are net debtors we<00:06:21.120> have<00:06:21.280> a<00:06:21.440> total<00:06:21.919> wealth<00:06:22.319> for<00:06:22.560> sweden<00:06:23.440> of 00:06:23.909 --> 00:06:23.919 align:start position:0% we have a total wealth for sweden of 00:06:23.919 --> 00:06:26.870 align:start position:0% we have a total wealth for sweden of 5652 00:06:26.870 --> 00:06:26.880 align:start position:0% 5652 00:06:26.880 --> 00:06:29.189 align:start position:0% 5652 billion<00:06:27.440> swedish<00:06:28.000> krona 00:06:29.189 --> 00:06:29.199 align:start position:0% billion swedish krona 00:06:29.199 --> 00:06:32.270 align:start position:0% billion swedish krona and<00:06:29.360> the<00:06:29.520> total<00:06:29.919> number<00:06:30.160> of<00:06:30.319> households<00:06:31.440> of 00:06:32.270 --> 00:06:32.280 align:start position:0% and the total number of households of 00:06:32.280 --> 00:06:33.830 align:start position:0% and the total number of households of 4628 00:06:33.830 --> 00:06:33.840 align:start position:0% 4628 00:06:33.840 --> 00:06:35.990 align:start position:0% 4628 nine<00:06:34.080> nine<00:06:34.400> two 00:06:35.990 --> 00:06:36.000 align:start position:0% nine nine two 00:06:36.000 --> 00:06:39.749 align:start position:0% nine nine two so<00:06:36.400> mean<00:06:36.960> average<00:06:37.759> swedish<00:06:38.240> wealth<00:06:38.800> is 00:06:39.749 --> 00:06:39.759 align:start position:0% so mean average swedish wealth is 00:06:39.759 --> 00:06:42.309 align:start position:0% so mean average swedish wealth is five<00:06:40.080> six<00:06:40.400> five<00:06:40.960> two 00:06:42.309 --> 00:06:42.319 align:start position:0% five six five two 00:06:42.319 --> 00:06:46.830 align:start position:0% five six five two zero<00:06:42.720> zero<00:06:43.199> zero<00:06:44.000> zero<00:06:44.479> zero<00:06:44.960> zero<00:06:45.600> zero<00:06:46.000> zero 00:06:46.830 --> 00:06:46.840 align:start position:0% zero zero zero zero zero zero zero zero 00:06:46.840 --> 00:06:49.589 align:start position:0% zero zero zero zero zero zero zero zero zero<00:06:47.840> divided<00:06:48.560> by 00:06:49.589 --> 00:06:49.599 align:start position:0% zero divided by 00:06:49.599 --> 00:06:52.790 align:start position:0% zero divided by four<00:06:49.840> six<00:06:50.240> two<00:06:50.479> eight<00:06:51.039> nine<00:06:51.360> nine<00:06:51.680> two 00:06:52.790 --> 00:06:52.800 align:start position:0% four six two eight nine nine two 00:06:52.800 --> 00:06:55.110 align:start position:0% four six two eight nine nine two which<00:06:53.039> is 00:06:55.110 --> 00:06:55.120 align:start position:0% which is 00:06:55.120 --> 00:06:56.950 align:start position:0% which is one<00:06:55.360> two<00:06:55.840> two<00:06:56.160> one 00:06:56.950 --> 00:06:56.960 align:start position:0% one two two one 00:06:56.960 --> 00:07:00.150 align:start position:0% one two two one thousand<00:06:57.840> swedish<00:06:58.319> kroner 00:07:00.150 --> 00:07:00.160 align:start position:0% thousand swedish kroner 00:07:00.160 --> 00:07:03.830 align:start position:0% thousand swedish kroner that's<00:07:00.479> the<00:07:00.880> mean<00:07:01.440> average<00:07:02.000> wealth<00:07:02.800> for<00:07:03.120> all 00:07:03.830 --> 00:07:03.840 align:start position:0% that's the mean average wealth for all 00:07:03.840 --> 00:07:06.309 align:start position:0% that's the mean average wealth for all swedish<00:07:04.400> households 00:07:06.309 --> 00:07:06.319 align:start position:0% swedish households 00:07:06.319 --> 00:07:09.110 align:start position:0% swedish households but<00:07:06.479> the<00:07:06.639> mean<00:07:06.880> is<00:07:07.120> only<00:07:07.440> one<00:07:07.759> kind<00:07:08.160> of<00:07:08.319> average 00:07:09.110 --> 00:07:09.120 align:start position:0% but the mean is only one kind of average 00:07:09.120 --> 00:07:10.790 align:start position:0% but the mean is only one kind of average there<00:07:09.360> are<00:07:09.599> other<00:07:09.919> measures<00:07:10.319> of<00:07:10.479> average 00:07:10.790 --> 00:07:10.800 align:start position:0% there are other measures of average 00:07:10.800 --> 00:07:13.029 align:start position:0% there are other measures of average which<00:07:11.039> we<00:07:11.199> need<00:07:11.440> to<00:07:11.680> explore<00:07:12.479> that<00:07:12.720> will<00:07:12.880> give 00:07:13.029 --> 00:07:13.039 align:start position:0% which we need to explore that will give 00:07:13.039 --> 00:07:19.430 align:start position:0% which we need to explore that will give us<00:07:13.280> further<00:07:13.759> insights<00:07:14.240> into<00:07:14.479> this<00:07:14.720> data 00:07:19.430 --> 00:07:19.440 align:start position:0% 00:07:19.440 --> 00:07:21.430 align:start position:0% when<00:07:19.599> we<00:07:19.759> use<00:07:19.919> the<00:07:20.080> term<00:07:20.400> average 00:07:21.430 --> 00:07:21.440 align:start position:0% when we use the term average 00:07:21.440 --> 00:07:24.150 align:start position:0% when we use the term average we<00:07:21.599> mean<00:07:22.000> one<00:07:22.240> of<00:07:22.479> three<00:07:22.720> things<00:07:23.120> usually 00:07:24.150 --> 00:07:24.160 align:start position:0% we mean one of three things usually 00:07:24.160 --> 00:07:28.150 align:start position:0% we mean one of three things usually either<00:07:24.479> we<00:07:24.639> mean<00:07:24.880> the<00:07:25.520> mean<00:07:26.160> average 00:07:28.150 --> 00:07:28.160 align:start position:0% either we mean the mean average 00:07:28.160 --> 00:07:29.749 align:start position:0% either we mean the mean average or<00:07:28.400> we<00:07:28.560> mean<00:07:28.880> the 00:07:29.749 --> 00:07:29.759 align:start position:0% or we mean the 00:07:29.759 --> 00:07:32.710 align:start position:0% or we mean the modal<00:07:30.560> average 00:07:32.710 --> 00:07:32.720 align:start position:0% modal average 00:07:32.720 --> 00:07:34.390 align:start position:0% modal average or<00:07:32.960> we<00:07:33.120> mean<00:07:33.440> the 00:07:34.390 --> 00:07:34.400 align:start position:0% or we mean the 00:07:34.400 --> 00:07:37.670 align:start position:0% or we mean the median<00:07:35.280> average 00:07:37.670 --> 00:07:37.680 align:start position:0% median average 00:07:37.680 --> 00:07:39.510 align:start position:0% median average it's<00:07:38.080> very<00:07:38.400> easy<00:07:38.720> to<00:07:38.880> understand<00:07:39.360> the 00:07:39.510 --> 00:07:39.520 align:start position:0% it's very easy to understand the 00:07:39.520 --> 00:07:41.350 align:start position:0% it's very easy to understand the difference<00:07:39.919> between<00:07:40.319> these 00:07:41.350 --> 00:07:41.360 align:start position:0% difference between these 00:07:41.360 --> 00:07:46.710 align:start position:0% difference between these especially<00:07:42.479> if<00:07:42.639> you've<00:07:42.800> played<00:07:43.120> darts<00:07:43.440> before 00:07:46.710 --> 00:07:46.720 align:start position:0% 00:07:46.720 --> 00:07:49.350 align:start position:0% i<00:07:46.879> threw<00:07:47.199> two<00:07:47.440> lots<00:07:47.680> of<00:07:47.840> three<00:07:48.160> darts 00:07:49.350 --> 00:07:49.360 align:start position:0% i threw two lots of three darts 00:07:49.360 --> 00:07:52.550 align:start position:0% i threw two lots of three darts and<00:07:49.599> in<00:07:49.759> my<00:07:50.000> six<00:07:50.319> darts<00:07:50.639> i<00:07:50.800> scored<00:07:51.199> a<00:07:51.360> two 00:07:52.550 --> 00:07:52.560 align:start position:0% and in my six darts i scored a two 00:07:52.560 --> 00:07:53.990 align:start position:0% and in my six darts i scored a two three<00:07:52.879> threes 00:07:53.990 --> 00:07:54.000 align:start position:0% three threes 00:07:54.000 --> 00:07:55.110 align:start position:0% three threes a<00:07:54.160> 12 00:07:55.110 --> 00:07:55.120 align:start position:0% a 12 00:07:55.120 --> 00:07:57.270 align:start position:0% a 12 and<00:07:55.360> a<00:07:55.440> 13. 00:07:57.270 --> 00:07:57.280 align:start position:0% and a 13. 00:07:57.280 --> 00:07:59.189 align:start position:0% and a 13. now<00:07:57.440> let's<00:07:57.599> see<00:07:57.759> if<00:07:57.919> we<00:07:58.080> can<00:07:58.319> work<00:07:58.639> out<00:07:58.960> the 00:07:59.189 --> 00:07:59.199 align:start position:0% now let's see if we can work out the 00:07:59.199 --> 00:08:00.070 align:start position:0% now let's see if we can work out the mean 00:08:00.070 --> 00:08:00.080 align:start position:0% mean 00:08:00.080 --> 00:08:04.550 align:start position:0% mean the<00:08:00.319> median<00:08:01.199> and<00:08:01.280> the<00:08:01.520> mode 00:08:04.550 --> 00:08:04.560 align:start position:0% 00:08:04.560 --> 00:08:07.110 align:start position:0% first<00:08:04.800> of<00:08:04.960> all<00:08:05.039> the<00:08:05.280> mean 00:08:07.110 --> 00:08:07.120 align:start position:0% first of all the mean 00:08:07.120 --> 00:08:10.790 align:start position:0% first of all the mean we<00:08:07.360> take<00:08:07.680> the<00:08:08.000> total<00:08:08.639> of<00:08:08.879> all<00:08:09.120> the<00:08:09.360> six<00:08:09.680> scores 00:08:10.790 --> 00:08:10.800 align:start position:0% we take the total of all the six scores 00:08:10.800 --> 00:08:13.350 align:start position:0% we take the total of all the six scores and<00:08:11.039> divide<00:08:11.520> by<00:08:11.680> the<00:08:11.840> number<00:08:12.160> of<00:08:12.319> observations 00:08:13.350 --> 00:08:13.360 align:start position:0% and divide by the number of observations 00:08:13.360 --> 00:08:15.670 align:start position:0% and divide by the number of observations and<00:08:13.440> that's<00:08:13.759> the<00:08:13.919> mean 00:08:15.670 --> 00:08:15.680 align:start position:0% and that's the mean 00:08:15.680 --> 00:08:18.309 align:start position:0% and that's the mean if<00:08:15.840> we<00:08:16.000> want<00:08:16.240> the<00:08:16.400> modal<00:08:16.879> score<00:08:17.599> we<00:08:17.840> simply 00:08:18.309 --> 00:08:18.319 align:start position:0% if we want the modal score we simply 00:08:18.319 --> 00:08:21.430 align:start position:0% if we want the modal score we simply look<00:08:18.879> for<00:08:19.039> the<00:08:19.199> most<00:08:19.680> common<00:08:20.160> score 00:08:21.430 --> 00:08:21.440 align:start position:0% look for the most common score 00:08:21.440 --> 00:08:26.150 align:start position:0% look for the most common score the<00:08:21.599> most<00:08:22.080> common<00:08:22.879> number<00:08:23.599> of<00:08:23.840> observations 00:08:26.150 --> 00:08:26.160 align:start position:0% the most common number of observations 00:08:26.160 --> 00:08:28.629 align:start position:0% the most common number of observations if<00:08:26.319> we<00:08:26.479> want<00:08:26.720> the<00:08:26.960> median<00:08:27.599> score 00:08:28.629 --> 00:08:28.639 align:start position:0% if we want the median score 00:08:28.639 --> 00:08:30.950 align:start position:0% if we want the median score we<00:08:28.879> write<00:08:29.120> the<00:08:29.280> scores<00:08:29.680> down<00:08:30.080> in<00:08:30.240> ascending 00:08:30.950 --> 00:08:30.960 align:start position:0% we write the scores down in ascending 00:08:30.960 --> 00:08:34.949 align:start position:0% we write the scores down in ascending order<00:08:31.840> and<00:08:31.919> then<00:08:32.159> look<00:08:32.399> for<00:08:32.560> the<00:08:32.800> middle<00:08:33.279> value 00:08:34.949 --> 00:08:34.959 align:start position:0% order and then look for the middle value 00:08:34.959 --> 00:08:36.469 align:start position:0% order and then look for the middle value now<00:08:35.200> there's<00:08:35.360> a<00:08:35.440> slight<00:08:35.760> problem<00:08:36.080> here<00:08:36.320> that 00:08:36.469 --> 00:08:36.479 align:start position:0% now there's a slight problem here that 00:08:36.479 --> 00:08:39.589 align:start position:0% now there's a slight problem here that we<00:08:36.640> have<00:08:36.800> an<00:08:37.039> even<00:08:37.599> number<00:08:38.080> of<00:08:38.240> observations 00:08:39.589 --> 00:08:39.599 align:start position:0% we have an even number of observations 00:08:39.599 --> 00:08:42.149 align:start position:0% we have an even number of observations so<00:08:39.839> we<00:08:40.000> take<00:08:40.240> the<00:08:40.560> two<00:08:40.880> middle<00:08:41.279> values<00:08:42.000> and 00:08:42.149 --> 00:08:42.159 align:start position:0% so we take the two middle values and 00:08:42.159 --> 00:08:46.150 align:start position:0% so we take the two middle values and work<00:08:42.479> out<00:08:42.640> the<00:08:42.880> mean<00:08:43.279> average<00:08:43.919> of<00:08:44.080> those<00:08:44.480> two 00:08:46.150 --> 00:08:46.160 align:start position:0% work out the mean average of those two 00:08:46.160 --> 00:08:49.829 align:start position:0% work out the mean average of those two so<00:08:46.399> for<00:08:46.640> my<00:08:47.279> not<00:08:47.600> very<00:08:47.920> good<00:08:48.160> dark<00:08:48.560> playing 00:08:49.829 --> 00:08:49.839 align:start position:0% so for my not very good dark playing 00:08:49.839 --> 00:08:52.829 align:start position:0% so for my not very good dark playing our<00:08:50.160> scores<00:08:50.640> were<00:08:51.440> two<00:08:52.000> three 00:08:52.829 --> 00:08:52.839 align:start position:0% our scores were two three 00:08:52.839 --> 00:08:57.430 align:start position:0% our scores were two three three<00:08:54.240> three<00:08:54.720> twelve<00:08:55.200> thirteen 00:08:57.430 --> 00:08:57.440 align:start position:0% three three twelve thirteen 00:08:57.440 --> 00:08:58.790 align:start position:0% three three twelve thirteen the<00:08:57.680> mean 00:08:58.790 --> 00:08:58.800 align:start position:0% the mean 00:08:58.800 --> 00:08:59.670 align:start position:0% the mean is 00:08:59.670 --> 00:08:59.680 align:start position:0% is 00:08:59.680 --> 00:09:01.670 align:start position:0% is two<00:08:59.920> plus<00:09:00.240> three<00:09:00.480> plus<00:09:00.800> three<00:09:01.040> plus<00:09:01.360> three 00:09:01.670 --> 00:09:01.680 align:start position:0% two plus three plus three plus three 00:09:01.680 --> 00:09:05.670 align:start position:0% two plus three plus three plus three plus<00:09:01.920> twelve<00:09:02.320> plus<00:09:02.640> thirteen<00:09:03.600> divided<00:09:04.080> by<00:09:04.399> six 00:09:05.670 --> 00:09:05.680 align:start position:0% plus twelve plus thirteen divided by six 00:09:05.680 --> 00:09:07.350 align:start position:0% plus twelve plus thirteen divided by six thirty<00:09:06.000> six<00:09:06.240> over<00:09:06.560> six 00:09:07.350 --> 00:09:07.360 align:start position:0% thirty six over six 00:09:07.360 --> 00:09:09.590 align:start position:0% thirty six over six equals<00:09:07.680> six 00:09:09.590 --> 00:09:09.600 align:start position:0% equals six 00:09:09.600 --> 00:09:11.110 align:start position:0% equals six the<00:09:09.760> mode 00:09:11.110 --> 00:09:11.120 align:start position:0% the mode 00:09:11.120 --> 00:09:13.110 align:start position:0% the mode is<00:09:11.440> three 00:09:13.110 --> 00:09:13.120 align:start position:0% is three 00:09:13.120 --> 00:09:14.389 align:start position:0% is three the<00:09:13.360> median 00:09:14.389 --> 00:09:14.399 align:start position:0% the median 00:09:14.399 --> 00:09:16.070 align:start position:0% the median since<00:09:14.640> we<00:09:14.800> have<00:09:15.120> an<00:09:15.279> even<00:09:15.600> number<00:09:15.839> of 00:09:16.070 --> 00:09:16.080 align:start position:0% since we have an even number of 00:09:16.080 --> 00:09:17.509 align:start position:0% since we have an even number of observations 00:09:17.509 --> 00:09:17.519 align:start position:0% observations 00:09:17.519 --> 00:09:18.470 align:start position:0% observations is 00:09:18.470 --> 00:09:18.480 align:start position:0% is 00:09:18.480 --> 00:09:19.430 align:start position:0% is three 00:09:19.430 --> 00:09:19.440 align:start position:0% three 00:09:19.440 --> 00:09:20.949 align:start position:0% three plus<00:09:19.839> three 00:09:20.949 --> 00:09:20.959 align:start position:0% plus three 00:09:20.959 --> 00:09:23.670 align:start position:0% plus three the<00:09:21.120> middle<00:09:21.440> two<00:09:21.760> observations<00:09:22.959> divided<00:09:23.440> by 00:09:23.670 --> 00:09:23.680 align:start position:0% the middle two observations divided by 00:09:23.680 --> 00:09:24.550 align:start position:0% the middle two observations divided by two 00:09:24.550 --> 00:09:24.560 align:start position:0% two 00:09:24.560 --> 00:09:27.590 align:start position:0% two which<00:09:24.800> equals<00:09:25.200> three 00:09:27.590 --> 00:09:27.600 align:start position:0% 00:09:27.600 --> 00:09:30.710 align:start position:0% notice<00:09:28.240> if<00:09:28.399> the<00:09:28.560> dark<00:09:28.880> player<00:09:29.200> had<00:09:29.519> scored<00:09:30.080> say 00:09:30.710 --> 00:09:30.720 align:start position:0% notice if the dark player had scored say 00:09:30.720 --> 00:09:33.350 align:start position:0% notice if the dark player had scored say nineteen<00:09:31.440> instead<00:09:31.839> of<00:09:32.000> thirteen 00:09:33.350 --> 00:09:33.360 align:start position:0% nineteen instead of thirteen 00:09:33.360 --> 00:09:34.630 align:start position:0% nineteen instead of thirteen the<00:09:33.680> mean 00:09:34.630 --> 00:09:34.640 align:start position:0% the mean 00:09:34.640 --> 00:09:37.030 align:start position:0% the mean increases<00:09:35.279> to<00:09:35.519> seven 00:09:37.030 --> 00:09:37.040 align:start position:0% increases to seven 00:09:37.040 --> 00:09:40.389 align:start position:0% increases to seven but<00:09:37.279> the<00:09:37.519> mode<00:09:38.399> and<00:09:38.640> the<00:09:38.800> median<00:09:39.360> score 00:09:40.389 --> 00:09:40.399 align:start position:0% but the mode and the median score 00:09:40.399 --> 00:09:43.829 align:start position:0% but the mode and the median score is<00:09:40.640> unchanged 00:09:43.829 --> 00:09:43.839 align:start position:0% 00:09:43.839 --> 00:09:47.030 align:start position:0% now<00:09:44.480> let's<00:09:44.800> use<00:09:45.040> this<00:09:45.279> idea<00:09:45.760> of<00:09:45.839> the<00:09:46.080> median<00:09:46.880> to 00:09:47.030 --> 00:09:47.040 align:start position:0% now let's use this idea of the median to 00:09:47.040 --> 00:09:49.750 align:start position:0% now let's use this idea of the median to see<00:09:47.279> something<00:09:47.760> important<00:09:48.720> in<00:09:48.800> the<00:09:48.959> context 00:09:49.750 --> 00:09:49.760 align:start position:0% see something important in the context 00:09:49.760 --> 00:09:53.430 align:start position:0% see something important in the context of<00:09:49.920> our<00:09:50.080> swedish<00:09:50.560> wealth<00:09:50.880> data 00:09:53.430 --> 00:09:53.440 align:start position:0% 00:09:53.440 --> 00:09:55.269 align:start position:0% what's<00:09:53.680> the<00:09:53.920> wealth<00:09:54.320> of<00:09:54.480> the<00:09:54.720> median 00:09:55.269 --> 00:09:55.279 align:start position:0% what's the wealth of the median 00:09:55.279 --> 00:09:57.509 align:start position:0% what's the wealth of the median household<00:09:55.920> here 00:09:57.509 --> 00:09:57.519 align:start position:0% household here 00:09:57.519 --> 00:09:59.030 align:start position:0% household here we<00:09:57.680> don't<00:09:57.839> know<00:09:58.000> the<00:09:58.160> wealth<00:09:58.399> of<00:09:58.480> the<00:09:58.640> median 00:09:59.030 --> 00:09:59.040 align:start position:0% we don't know the wealth of the median 00:09:59.040 --> 00:10:01.350 align:start position:0% we don't know the wealth of the median household<00:09:59.519> because<00:09:59.760> we've<00:09:59.920> got<00:10:00.160> grouped<00:10:00.640> data 00:10:01.350 --> 00:10:01.360 align:start position:0% household because we've got grouped data 00:10:01.360 --> 00:10:03.590 align:start position:0% household because we've got grouped data but<00:10:01.600> we<00:10:01.680> can<00:10:01.920> estimate<00:10:02.399> it 00:10:03.590 --> 00:10:03.600 align:start position:0% but we can estimate it 00:10:03.600 --> 00:10:06.310 align:start position:0% but we can estimate it we<00:10:03.839> need<00:10:04.079> the<00:10:04.240> household<00:10:04.880> 50<00:10:05.279> percent<00:10:06.079> of<00:10:06.160> the 00:10:06.310 --> 00:10:06.320 align:start position:0% we need the household 50 percent of the 00:10:06.320 --> 00:10:08.230 align:start position:0% we need the household 50 percent of the way<00:10:06.560> along<00:10:06.800> the<00:10:06.959> distribution 00:10:08.230 --> 00:10:08.240 align:start position:0% way along the distribution 00:10:08.240 --> 00:10:10.630 align:start position:0% way along the distribution so<00:10:08.399> we<00:10:08.560> can<00:10:08.720> take<00:10:09.040> the<00:10:09.360> mean<00:10:09.760> average<00:10:10.240> of<00:10:10.399> the 00:10:10.630 --> 00:10:10.640 align:start position:0% so we can take the mean average of the 00:10:10.640 --> 00:10:13.269 align:start position:0% so we can take the mean average of the fifth<00:10:11.040> and<00:10:11.279> sixth<00:10:11.600> decile 00:10:13.269 --> 00:10:13.279 align:start position:0% fifth and sixth decile 00:10:13.279 --> 00:10:14.870 align:start position:0% fifth and sixth decile then<00:10:13.440> the<00:10:13.600> median<00:10:14.079> average<00:10:14.560> wealth 00:10:14.870 --> 00:10:14.880 align:start position:0% then the median average wealth 00:10:14.880 --> 00:10:17.110 align:start position:0% then the median average wealth calculation<00:10:15.839> gives<00:10:16.160> us 00:10:17.110 --> 00:10:17.120 align:start position:0% calculation gives us 00:10:17.120 --> 00:10:19.829 align:start position:0% calculation gives us five<00:10:17.519> six<00:10:17.839> five<00:10:18.240> thousand 00:10:19.829 --> 00:10:19.839 align:start position:0% five six five thousand 00:10:19.839 --> 00:10:21.590 align:start position:0% five six five thousand plus 00:10:21.590 --> 00:10:21.600 align:start position:0% plus 00:10:21.600 --> 00:10:24.389 align:start position:0% plus two<00:10:21.839> five<00:10:22.320> six<00:10:22.640> thousand 00:10:24.389 --> 00:10:24.399 align:start position:0% two five six thousand 00:10:24.399 --> 00:10:27.269 align:start position:0% two five six thousand which<00:10:24.640> we<00:10:24.800> then<00:10:24.959> divide<00:10:25.360> by<00:10:25.680> two 00:10:27.269 --> 00:10:27.279 align:start position:0% which we then divide by two 00:10:27.279 --> 00:10:29.670 align:start position:0% which we then divide by two which<00:10:27.519> gives<00:10:27.760> us<00:10:28.160> four<00:10:28.399> hundred<00:10:28.640> and<00:10:28.880> ten 00:10:29.670 --> 00:10:29.680 align:start position:0% which gives us four hundred and ten 00:10:29.680 --> 00:10:34.949 align:start position:0% which gives us four hundred and ten thousand<00:10:30.560> five<00:10:30.880> hundred<00:10:31.760> swedish<00:10:32.240> kroners 00:10:34.949 --> 00:10:34.959 align:start position:0% 00:10:34.959 --> 00:10:36.870 align:start position:0% now<00:10:35.200> often<00:10:35.440> it<00:10:35.519> won't<00:10:35.760> be<00:10:35.920> as<00:10:36.079> easy<00:10:36.399> as<00:10:36.560> this<00:10:36.720> to 00:10:36.870 --> 00:10:36.880 align:start position:0% now often it won't be as easy as this to 00:10:36.880 --> 00:10:38.870 align:start position:0% now often it won't be as easy as this to estimate<00:10:37.279> the<00:10:37.440> median<00:10:38.160> often<00:10:38.480> we<00:10:38.640> have 00:10:38.870 --> 00:10:38.880 align:start position:0% estimate the median often we have 00:10:38.880 --> 00:10:40.710 align:start position:0% estimate the median often we have grouped<00:10:39.360> data<00:10:39.760> where<00:10:39.920> the<00:10:40.079> groups<00:10:40.399> are<00:10:40.560> of 00:10:40.710 --> 00:10:40.720 align:start position:0% grouped data where the groups are of 00:10:40.720 --> 00:10:43.110 align:start position:0% grouped data where the groups are of different<00:10:41.120> size<00:10:41.519> classes 00:10:43.110 --> 00:10:43.120 align:start position:0% different size classes 00:10:43.120 --> 00:10:45.190 align:start position:0% different size classes for<00:10:43.279> a<00:10:43.440> small<00:10:43.839> island<00:10:44.240> economy<00:10:44.720> we've<00:10:44.880> got<00:10:45.040> a 00:10:45.190 --> 00:10:45.200 align:start position:0% for a small island economy we've got a 00:10:45.200 --> 00:10:47.590 align:start position:0% for a small island economy we've got a wealth<00:10:45.440> distribution<00:10:46.560> for<00:10:46.720> the<00:10:46.959> 200 00:10:47.590 --> 00:10:47.600 align:start position:0% wealth distribution for the 200 00:10:47.600 --> 00:10:51.269 align:start position:0% wealth distribution for the 200 inhabitants<00:10:48.399> as<00:10:48.640> shown<00:10:48.959> in<00:10:49.120> the<00:10:49.279> table 00:10:51.269 --> 00:10:51.279 align:start position:0% inhabitants as shown in the table 00:10:51.279 --> 00:10:53.910 align:start position:0% inhabitants as shown in the table now<00:10:51.440> we<00:10:51.600> need<00:10:51.760> to<00:10:51.920> find<00:10:52.240> the<00:10:52.480> median<00:10:53.040> wealth 00:10:53.910 --> 00:10:53.920 align:start position:0% now we need to find the median wealth 00:10:53.920 --> 00:10:56.710 align:start position:0% now we need to find the median wealth the<00:10:54.240> wealth<00:10:54.800> of<00:10:54.880> the<00:10:55.120> middle<00:10:55.519> person 00:10:56.710 --> 00:10:56.720 align:start position:0% the wealth of the middle person 00:10:56.720 --> 00:10:59.269 align:start position:0% the wealth of the middle person the<00:10:57.040> hundredth<00:10:57.680> by<00:10:58.000> rank 00:10:59.269 --> 00:10:59.279 align:start position:0% the hundredth by rank 00:10:59.279 --> 00:11:01.509 align:start position:0% the hundredth by rank now<00:10:59.440> it's<00:10:59.600> clear<00:10:59.920> that<00:11:00.079> the<00:11:00.320> person<00:11:01.120> has 00:11:01.509 --> 00:11:01.519 align:start position:0% now it's clear that the person has 00:11:01.519 --> 00:11:05.509 align:start position:0% now it's clear that the person has wealth<00:11:01.839> of<00:11:02.000> between<00:11:02.800> 40<00:11:03.600> and<00:11:03.839> 100<00:11:04.320> euros 00:11:05.509 --> 00:11:05.519 align:start position:0% wealth of between 40 and 100 euros 00:11:05.519 --> 00:11:08.870 align:start position:0% wealth of between 40 and 100 euros because<00:11:05.760> the<00:11:05.920> group<00:11:06.160> from<00:11:06.480> 80<00:11:07.040> to<00:11:07.200> 130<00:11:08.399> all<00:11:08.640> lie 00:11:08.870 --> 00:11:08.880 align:start position:0% because the group from 80 to 130 all lie 00:11:08.880 --> 00:11:10.870 align:start position:0% because the group from 80 to 130 all lie within<00:11:09.200> that<00:11:09.440> range 00:11:10.870 --> 00:11:10.880 align:start position:0% within that range 00:11:10.880 --> 00:11:13.110 align:start position:0% within that range but<00:11:11.040> to<00:11:11.279> estimate<00:11:11.920> the<00:11:12.079> income<00:11:12.399> of<00:11:12.560> the<00:11:12.640> 100th 00:11:13.110 --> 00:11:13.120 align:start position:0% but to estimate the income of the 100th 00:11:13.120 --> 00:11:16.949 align:start position:0% but to estimate the income of the 100th person<00:11:13.839> we<00:11:14.000> need<00:11:14.240> to<00:11:14.399> use<00:11:14.640> a<00:11:14.720> formula 00:11:16.949 --> 00:11:16.959 align:start position:0% person we need to use a formula 00:11:16.959 --> 00:11:18.870 align:start position:0% person we need to use a formula and<00:11:17.120> the<00:11:17.200> formula<00:11:17.760> is<00:11:17.839> this<00:11:18.079> that<00:11:18.240> the<00:11:18.399> median 00:11:18.870 --> 00:11:18.880 align:start position:0% and the formula is this that the median 00:11:18.880 --> 00:11:20.069 align:start position:0% and the formula is this that the median is<00:11:19.040> given<00:11:19.440> as 00:11:20.069 --> 00:11:20.079 align:start position:0% is given as 00:11:20.079 --> 00:11:21.269 align:start position:0% is given as xl 00:11:21.269 --> 00:11:21.279 align:start position:0% xl 00:11:21.279 --> 00:11:22.630 align:start position:0% xl plus 00:11:22.630 --> 00:11:22.640 align:start position:0% plus 00:11:22.640 --> 00:11:25.269 align:start position:0% plus xu<00:11:23.120> minus<00:11:23.680> xl 00:11:25.269 --> 00:11:25.279 align:start position:0% xu minus xl 00:11:25.279 --> 00:11:28.550 align:start position:0% xu minus xl which<00:11:25.519> we<00:11:25.680> then<00:11:25.920> multiplied<00:11:26.839> by<00:11:27.920> n<00:11:28.079> plus<00:11:28.399> 1 00:11:28.550 --> 00:11:28.560 align:start position:0% which we then multiplied by n plus 1 00:11:28.560 --> 00:11:30.470 align:start position:0% which we then multiplied by n plus 1 over<00:11:28.959> 2 00:11:30.470 --> 00:11:30.480 align:start position:0% over 2 00:11:30.480 --> 00:11:32.310 align:start position:0% over 2 minus<00:11:30.959> f 00:11:32.310 --> 00:11:32.320 align:start position:0% minus f 00:11:32.320 --> 00:11:34.710 align:start position:0% minus f over<00:11:32.640> little<00:11:32.959> f 00:11:34.710 --> 00:11:34.720 align:start position:0% over little f 00:11:34.720 --> 00:11:35.990 align:start position:0% over little f where 00:11:35.990 --> 00:11:36.000 align:start position:0% where 00:11:36.000 --> 00:11:38.630 align:start position:0% where xl<00:11:36.959> is<00:11:37.120> the<00:11:37.360> lower<00:11:37.760> limit<00:11:38.079> of<00:11:38.160> the<00:11:38.320> class 00:11:38.630 --> 00:11:38.640 align:start position:0% xl is the lower limit of the class 00:11:38.640 --> 00:11:41.430 align:start position:0% xl is the lower limit of the class interval<00:11:39.120> containing<00:11:39.600> the<00:11:39.760> median 00:11:41.430 --> 00:11:41.440 align:start position:0% interval containing the median 00:11:41.440 --> 00:11:43.990 align:start position:0% interval containing the median x<00:11:41.680> u<00:11:42.079> is<00:11:42.240> the<00:11:42.720> upper<00:11:42.959> limit<00:11:43.279> of<00:11:43.360> this<00:11:43.600> class 00:11:43.990 --> 00:11:44.000 align:start position:0% x u is the upper limit of this class 00:11:44.000 --> 00:11:45.910 align:start position:0% x u is the upper limit of this class interval 00:11:45.910 --> 00:11:45.920 align:start position:0% interval 00:11:45.920 --> 00:11:49.190 align:start position:0% interval n<00:11:46.480> is<00:11:46.640> the<00:11:46.720> number<00:11:47.040> of<00:11:47.200> observations 00:11:49.190 --> 00:11:49.200 align:start position:0% n is the number of observations 00:11:49.200 --> 00:11:51.990 align:start position:0% n is the number of observations capital<00:11:49.760> f<00:11:50.240> is<00:11:50.399> the<00:11:50.639> cumulative<00:11:51.360> frequency<00:11:51.920> of 00:11:51.990 --> 00:11:52.000 align:start position:0% capital f is the cumulative frequency of 00:11:52.000 --> 00:11:54.790 align:start position:0% capital f is the cumulative frequency of the<00:11:52.160> class<00:11:52.639> intervals<00:11:53.440> up<00:11:53.680> to<00:11:54.320> but<00:11:54.560> not 00:11:54.790 --> 00:11:54.800 align:start position:0% the class intervals up to but not 00:11:54.800 --> 00:11:58.230 align:start position:0% the class intervals up to but not including<00:11:55.360> the<00:11:55.519> one<00:11:55.760> containing<00:11:56.320> the<00:11:56.399> median 00:11:58.230 --> 00:11:58.240 align:start position:0% including the one containing the median 00:11:58.240 --> 00:12:00.710 align:start position:0% including the one containing the median little<00:11:58.639> f<00:11:59.040> is<00:11:59.200> the<00:11:59.440> frequency<00:12:00.000> for<00:12:00.160> the<00:12:00.320> class 00:12:00.710 --> 00:12:00.720 align:start position:0% little f is the frequency for the class 00:12:00.720 --> 00:12:03.509 align:start position:0% little f is the frequency for the class interval<00:12:01.360> containing<00:12:01.920> the<00:12:02.000> median 00:12:03.509 --> 00:12:03.519 align:start position:0% interval containing the median 00:12:03.519 --> 00:12:06.949 align:start position:0% interval containing the median let's<00:12:03.680> see<00:12:03.839> how<00:12:04.079> that<00:12:04.320> works<00:12:04.720> in<00:12:04.880> our<00:12:05.040> example 00:12:06.949 --> 00:12:06.959 align:start position:0% let's see how that works in our example 00:12:06.959 --> 00:12:08.710 align:start position:0% let's see how that works in our example the<00:12:07.120> median<00:12:07.600> will<00:12:07.760> be 00:12:08.710 --> 00:12:08.720 align:start position:0% the median will be 00:12:08.720 --> 00:12:10.629 align:start position:0% the median will be 40. 00:12:10.629 --> 00:12:10.639 align:start position:0% 40. 00:12:10.639 --> 00:12:11.829 align:start position:0% 40. plus 00:12:11.829 --> 00:12:11.839 align:start position:0% plus 00:12:11.839 --> 00:12:15.030 align:start position:0% plus 100<00:12:12.240> minus<00:12:12.639> 40 00:12:15.030 --> 00:12:15.040 align:start position:0% 100 minus 40 00:12:15.040 --> 00:12:16.870 align:start position:0% 100 minus 40 times 00:12:16.870 --> 00:12:16.880 align:start position:0% times 00:12:16.880 --> 00:12:18.949 align:start position:0% times 201 00:12:18.949 --> 00:12:18.959 align:start position:0% 201 00:12:18.959 --> 00:12:21.430 align:start position:0% 201 over<00:12:19.279> 2 00:12:21.430 --> 00:12:21.440 align:start position:0% over 2 00:12:21.440 --> 00:12:23.590 align:start position:0% over 2 minus<00:12:21.839> 80 00:12:23.590 --> 00:12:23.600 align:start position:0% minus 80 00:12:23.600 --> 00:12:27.269 align:start position:0% minus 80 which<00:12:23.839> we<00:12:23.920> then<00:12:24.079> divide<00:12:24.480> by<00:12:24.720> 50. 00:12:27.269 --> 00:12:27.279 align:start position:0% 00:12:27.279 --> 00:12:29.509 align:start position:0% so<00:12:27.440> that<00:12:27.680> gives<00:12:28.079> us 00:12:29.509 --> 00:12:29.519 align:start position:0% so that gives us 00:12:29.519 --> 00:12:31.110 align:start position:0% so that gives us 40 00:12:31.110 --> 00:12:31.120 align:start position:0% 40 00:12:31.120 --> 00:12:33.430 align:start position:0% 40 plus 00:12:33.430 --> 00:12:33.440 align:start position:0% plus 00:12:33.440 --> 00:12:35.750 align:start position:0% plus 60<00:12:34.160> times 00:12:35.750 --> 00:12:35.760 align:start position:0% 60 times 00:12:35.760 --> 00:12:37.590 align:start position:0% 60 times 20.5 00:12:37.590 --> 00:12:37.600 align:start position:0% 20.5 00:12:37.600 --> 00:12:40.550 align:start position:0% 20.5 over<00:12:37.920> 50 00:12:40.550 --> 00:12:40.560 align:start position:0% 00:12:40.560 --> 00:12:41.670 align:start position:0% which<00:12:40.880> is 00:12:41.670 --> 00:12:41.680 align:start position:0% which is 00:12:41.680 --> 00:12:43.509 align:start position:0% which is 40<00:12:42.320> plus 00:12:43.509 --> 00:12:43.519 align:start position:0% 40 plus 00:12:43.519 --> 00:12:45.350 align:start position:0% 40 plus 60<00:12:44.079> times 00:12:45.350 --> 00:12:45.360 align:start position:0% 60 times 00:12:45.360 --> 00:12:48.310 align:start position:0% 60 times 0.41 00:12:48.310 --> 00:12:48.320 align:start position:0% 0.41 00:12:48.320 --> 00:12:50.829 align:start position:0% 0.41 which<00:12:48.560> equals 00:12:50.829 --> 00:12:50.839 align:start position:0% which equals 00:12:50.839 --> 00:12:52.470 align:start position:0% which equals 64.6 00:12:52.470 --> 00:12:52.480 align:start position:0% 64.6 00:12:52.480 --> 00:12:54.629 align:start position:0% 64.6 the<00:12:52.720> median<00:12:53.279> wealth<00:12:53.600> holder 00:12:54.629 --> 00:12:54.639 align:start position:0% the median wealth holder 00:12:54.639 --> 00:12:55.509 align:start position:0% the median wealth holder has 00:12:55.509 --> 00:12:55.519 align:start position:0% has 00:12:55.519 --> 00:12:58.550 align:start position:0% has 64.6 00:12:58.550 --> 00:12:58.560 align:start position:0% 00:12:58.560 --> 00:13:02.550 align:start position:0% euros<00:12:59.120> worth<00:12:59.360> of<00:12:59.600> wealth 00:13:02.550 --> 00:13:02.560 align:start position:0% 00:13:02.560 --> 00:13:05.030 align:start position:0% coming<00:13:02.800> back<00:13:02.959> to<00:13:03.120> our<00:13:03.360> swedish<00:13:03.839> data 00:13:05.030 --> 00:13:05.040 align:start position:0% coming back to our swedish data 00:13:05.040 --> 00:13:08.629 align:start position:0% coming back to our swedish data we<00:13:05.200> have<00:13:05.440> that<00:13:05.600> the<00:13:05.920> mean<00:13:06.480> average<00:13:07.200> wealth<00:13:07.839> was 00:13:08.629 --> 00:13:08.639 align:start position:0% we have that the mean average wealth was 00:13:08.639 --> 00:13:13.430 align:start position:0% we have that the mean average wealth was one<00:13:09.040> two<00:13:09.440> two<00:13:09.760> one<00:13:10.399> thousand<00:13:10.880> swedish<00:13:11.440> kroner 00:13:13.430 --> 00:13:13.440 align:start position:0% one two two one thousand swedish kroner 00:13:13.440 --> 00:13:16.069 align:start position:0% one two two one thousand swedish kroner the<00:13:13.760> median<00:13:14.320> average<00:13:14.800> wealth 00:13:16.069 --> 00:13:16.079 align:start position:0% the median average wealth 00:13:16.079 --> 00:13:17.350 align:start position:0% the median average wealth is<00:13:16.399> just 00:13:17.350 --> 00:13:17.360 align:start position:0% is just 00:13:17.360 --> 00:13:20.470 align:start position:0% is just four<00:13:17.600> hundred<00:13:17.920> and<00:13:18.160> ten<00:13:18.480> thousand<00:13:19.040> five<00:13:19.040> 500 00:13:20.470 --> 00:13:20.480 align:start position:0% four hundred and ten thousand five 500 00:13:20.480 --> 00:13:22.550 align:start position:0% four hundred and ten thousand five 500 swedish<00:13:20.959> kroner 00:13:22.550 --> 00:13:22.560 align:start position:0% swedish kroner 00:13:22.560 --> 00:13:24.710 align:start position:0% swedish kroner so<00:13:22.720> the<00:13:22.959> great<00:13:23.360> majority<00:13:24.079> of<00:13:24.240> swedish 00:13:24.710 --> 00:13:24.720 align:start position:0% so the great majority of swedish 00:13:24.720 --> 00:13:26.069 align:start position:0% so the great majority of swedish households 00:13:26.069 --> 00:13:26.079 align:start position:0% households 00:13:26.079 --> 00:13:27.910 align:start position:0% households has<00:13:26.399> less 00:13:27.910 --> 00:13:27.920 align:start position:0% has less 00:13:27.920 --> 00:13:28.870 align:start position:0% has less wealth 00:13:28.870 --> 00:13:28.880 align:start position:0% wealth 00:13:28.880 --> 00:13:32.550 align:start position:0% wealth than<00:13:29.040> the<00:13:29.279> mean<00:13:29.680> average 00:13:32.550 --> 00:13:32.560 align:start position:0% 00:13:32.560 --> 00:13:34.470 align:start position:0% so<00:13:32.720> sweden<00:13:33.200> seems<00:13:33.440> to<00:13:33.519> be<00:13:33.680> a<00:13:33.760> country<00:13:34.160> with<00:13:34.320> a 00:13:34.470 --> 00:13:34.480 align:start position:0% so sweden seems to be a country with a 00:13:34.480 --> 00:13:37.269 align:start position:0% so sweden seems to be a country with a very<00:13:34.880> uneven<00:13:35.440> distribution<00:13:36.160> of<00:13:36.320> wealth 00:13:37.269 --> 00:13:37.279 align:start position:0% very uneven distribution of wealth 00:13:37.279 --> 00:13:39.110 align:start position:0% very uneven distribution of wealth yet<00:13:37.519> there's<00:13:37.760> very<00:13:37.920> little<00:13:38.240> poverty<00:13:38.639> compared 00:13:39.110 --> 00:13:39.120 align:start position:0% yet there's very little poverty compared 00:13:39.120 --> 00:13:41.509 align:start position:0% yet there's very little poverty compared with<00:13:39.279> many<00:13:39.519> other<00:13:39.760> societies 00:13:41.509 --> 00:13:41.519 align:start position:0% with many other societies 00:13:41.519 --> 00:13:44.470 align:start position:0% with many other societies what<00:13:41.760> explanation<00:13:42.560> can<00:13:42.720> we<00:13:42.880> offer<00:13:43.120> for<00:13:43.279> this 00:13:44.470 --> 00:13:44.480 align:start position:0% what explanation can we offer for this 00:13:44.480 --> 00:13:46.629 align:start position:0% what explanation can we offer for this well<00:13:44.800> the<00:13:44.959> evidence<00:13:45.440> is<00:13:45.600> suggesting<00:13:46.240> that 00:13:46.629 --> 00:13:46.639 align:start position:0% well the evidence is suggesting that 00:13:46.639 --> 00:13:49.189 align:start position:0% well the evidence is suggesting that wealth<00:13:47.040> inequality<00:13:48.000> is<00:13:48.560> much<00:13:48.880> more 00:13:49.189 --> 00:13:49.199 align:start position:0% wealth inequality is much more 00:13:49.199 --> 00:13:51.350 align:start position:0% wealth inequality is much more pronounced<00:13:49.839> in<00:13:50.000> sweden 00:13:51.350 --> 00:13:51.360 align:start position:0% pronounced in sweden 00:13:51.360 --> 00:13:53.189 align:start position:0% pronounced in sweden which<00:13:51.600> is<00:13:51.760> surprising<00:13:52.320> to<00:13:52.480> most<00:13:52.800> people 00:13:53.189 --> 00:13:53.199 align:start position:0% which is surprising to most people 00:13:53.199 --> 00:13:54.790 align:start position:0% which is surprising to most people because<00:13:53.519> sweden<00:13:54.160> is 00:13:54.790 --> 00:13:54.800 align:start position:0% because sweden is 00:13:54.800 --> 00:13:56.470 align:start position:0% because sweden is typically<00:13:55.360> thought<00:13:55.600> of<00:13:55.760> as<00:13:55.920> a<00:13:56.000> much<00:13:56.240> more 00:13:56.470 --> 00:13:56.480 align:start position:0% typically thought of as a much more 00:13:56.480 --> 00:13:57.829 align:start position:0% typically thought of as a much more equal<00:13:56.880> country 00:13:57.829 --> 00:13:57.839 align:start position:0% equal country 00:13:57.839 --> 00:14:00.710 align:start position:0% equal country but<00:13:58.079> the<00:13:58.240> reason<00:13:58.639> for<00:13:58.880> that<00:13:59.600> is<00:13:59.920> precisely 00:14:00.710 --> 00:14:00.720 align:start position:0% but the reason for that is precisely 00:14:00.720 --> 00:14:02.310 align:start position:0% but the reason for that is precisely that 00:14:02.310 --> 00:14:02.320 align:start position:0% that 00:14:02.320 --> 00:14:05.829 align:start position:0% that most<00:14:02.959> suites<00:14:03.680> don't<00:14:04.000> have<00:14:04.560> private<00:14:05.040> wealth 00:14:05.829 --> 00:14:05.839 align:start position:0% most suites don't have private wealth 00:14:05.839 --> 00:14:08.389 align:start position:0% most suites don't have private wealth they<00:14:06.000> don't<00:14:06.240> have<00:14:06.399> that<00:14:06.639> much<00:14:07.120> assets 00:14:08.389 --> 00:14:08.399 align:start position:0% they don't have that much assets 00:14:08.399 --> 00:14:10.790 align:start position:0% they don't have that much assets why<00:14:08.639> do<00:14:08.880> people<00:14:09.279> save<00:14:09.600> in<00:14:09.680> the<00:14:09.839> u.s 00:14:10.790 --> 00:14:10.800 align:start position:0% why do people save in the u.s 00:14:10.800 --> 00:14:12.870 align:start position:0% why do people save in the u.s well<00:14:10.959> they<00:14:11.199> save<00:14:11.600> because<00:14:12.160> they<00:14:12.320> want<00:14:12.480> to<00:14:12.639> send 00:14:12.870 --> 00:14:12.880 align:start position:0% well they save because they want to send 00:14:12.880 --> 00:14:15.509 align:start position:0% well they save because they want to send their<00:14:13.040> kids<00:14:13.360> to<00:14:13.680> college<00:14:14.320> they<00:14:14.560> save<00:14:14.959> because 00:14:15.509 --> 00:14:15.519 align:start position:0% their kids to college they save because 00:14:15.519 --> 00:14:19.110 align:start position:0% their kids to college they save because in<00:14:15.760> case<00:14:16.079> they<00:14:16.560> get<00:14:16.800> laid<00:14:17.120> off<00:14:17.519> or<00:14:17.920> because 00:14:19.110 --> 00:14:19.120 align:start position:0% in case they get laid off or because 00:14:19.120 --> 00:14:21.750 align:start position:0% in case they get laid off or because they<00:14:19.279> get<00:14:19.600> sick<00:14:20.240> anything<00:14:20.639> like<00:14:20.880> this<00:14:21.360> many<00:14:21.600> of 00:14:21.750 --> 00:14:21.760 align:start position:0% they get sick anything like this many of 00:14:21.760 --> 00:14:23.189 align:start position:0% they get sick anything like this many of these<00:14:22.079> things 00:14:23.189 --> 00:14:23.199 align:start position:0% these things 00:14:23.199 --> 00:14:25.910 align:start position:0% these things you<00:14:23.440> save<00:14:23.760> for<00:14:24.240> in<00:14:24.399> the<00:14:24.480> u.s<00:14:24.880> context 00:14:25.910 --> 00:14:25.920 align:start position:0% you save for in the u.s context 00:14:25.920 --> 00:14:27.750 align:start position:0% you save for in the u.s context in<00:14:26.079> sweden<00:14:26.639> you<00:14:26.800> don't<00:14:27.040> save<00:14:27.279> for<00:14:27.519> these 00:14:27.750 --> 00:14:27.760 align:start position:0% in sweden you don't save for these 00:14:27.760 --> 00:14:30.629 align:start position:0% in sweden you don't save for these things<00:14:28.079> before<00:14:28.560> because<00:14:29.120> the<00:14:29.279> state<00:14:30.240> covers 00:14:30.629 --> 00:14:30.639 align:start position:0% things before because the state covers 00:14:30.639 --> 00:14:32.150 align:start position:0% things before because the state covers many<00:14:30.880> of<00:14:31.040> these<00:14:31.279> things 00:14:32.150 --> 00:14:32.160 align:start position:0% many of these things 00:14:32.160 --> 00:14:34.150 align:start position:0% many of these things it's<00:14:32.320> because<00:14:32.720> many<00:14:32.959> of<00:14:33.040> these<00:14:33.440> reasons<00:14:33.920> for 00:14:34.150 --> 00:14:34.160 align:start position:0% it's because many of these reasons for 00:14:34.160 --> 00:14:37.430 align:start position:0% it's because many of these reasons for holding<00:14:34.639> wealth<00:14:35.440> are<00:14:35.680> not<00:14:35.920> present<00:14:36.639> in<00:14:36.800> sweden 00:14:37.430 --> 00:14:37.440 align:start position:0% holding wealth are not present in sweden 00:14:37.440 --> 00:14:39.750 align:start position:0% holding wealth are not present in sweden higher<00:14:37.839> education<00:14:38.720> you<00:14:38.880> can<00:14:39.040> get<00:14:39.360> very 00:14:39.750 --> 00:14:39.760 align:start position:0% higher education you can get very 00:14:39.760 --> 00:14:41.829 align:start position:0% higher education you can get very generous<00:14:40.639> loans 00:14:41.829 --> 00:14:41.839 align:start position:0% generous loans 00:14:41.839 --> 00:14:44.790 align:start position:0% generous loans so<00:14:42.079> now<00:14:42.480> i<00:14:42.720> owe<00:14:42.959> them<00:14:43.519> a<00:14:43.600> lot<00:14:43.760> of<00:14:43.920> money<00:14:44.480> but<00:14:44.720> the 00:14:44.790 --> 00:14:44.800 align:start position:0% so now i owe them a lot of money but the 00:14:44.800 --> 00:14:47.110 align:start position:0% so now i owe them a lot of money but the conditions<00:14:45.440> for<00:14:45.600> this<00:14:45.920> loan<00:14:46.480> are<00:14:46.639> very<00:14:46.959> sort 00:14:47.110 --> 00:14:47.120 align:start position:0% conditions for this loan are very sort 00:14:47.120 --> 00:14:51.110 align:start position:0% conditions for this loan are very sort of<00:14:47.760> good<00:14:48.320> but<00:14:48.560> it<00:14:48.639> stays<00:14:49.040> with<00:14:49.279> me<00:14:49.760> so<00:14:50.240> in 00:14:51.110 --> 00:14:51.120 align:start position:0% of good but it stays with me so in 00:14:51.120 --> 00:14:52.949 align:start position:0% of good but it stays with me so in these<00:14:51.360> accounting<00:14:51.920> terms 00:14:52.949 --> 00:14:52.959 align:start position:0% these accounting terms 00:14:52.959 --> 00:14:55.829 align:start position:0% these accounting terms i<00:14:53.120> think<00:14:53.760> i<00:14:53.920> still<00:14:54.240> own<00:14:54.720> very<00:14:54.959> little<00:14:55.680> even 00:14:55.829 --> 00:14:55.839 align:start position:0% i think i still own very little even 00:14:55.839 --> 00:14:58.069 align:start position:0% i think i still own very little even though<00:14:56.079> i<00:14:56.240> obviously<00:14:57.040> i<00:14:57.199> have<00:14:57.360> a<00:14:57.440> home<00:14:57.760> i<00:14:57.920> have 00:14:58.069 --> 00:14:58.079 align:start position:0% though i obviously i have a home i have 00:14:58.079 --> 00:15:00.870 align:start position:0% though i obviously i have a home i have a<00:14:58.399> refrigerator<00:14:59.279> i<00:14:59.440> have<00:14:59.600> a<00:14:59.680> car<00:15:00.399> all<00:15:00.560> of<00:15:00.639> these 00:15:00.870 --> 00:15:00.880 align:start position:0% a refrigerator i have a car all of these 00:15:00.880 --> 00:15:03.509 align:start position:0% a refrigerator i have a car all of these things<00:15:01.279> but<00:15:01.600> that<00:15:02.000> for<00:15:02.480> an<00:15:02.639> average<00:15:03.040> person 00:15:03.509 --> 00:15:03.519 align:start position:0% things but that for an average person 00:15:03.519 --> 00:15:05.030 align:start position:0% things but that for an average person this<00:15:03.760> can 00:15:05.030 --> 00:15:05.040 align:start position:0% this can 00:15:05.040 --> 00:15:07.990 align:start position:0% this can very<00:15:05.279> well<00:15:05.519> sort<00:15:05.680> of<00:15:05.839> end<00:15:06.000> up<00:15:06.240> in<00:15:06.800> in<00:15:06.959> being 00:15:07.990 --> 00:15:08.000 align:start position:0% very well sort of end up in in being 00:15:08.000 --> 00:15:09.670 align:start position:0% very well sort of end up in in being even<00:15:08.240> negative<00:15:08.720> wealth 00:15:09.670 --> 00:15:09.680 align:start position:0% even negative wealth 00:15:09.680 --> 00:15:11.509 align:start position:0% even negative wealth you're<00:15:09.839> not<00:15:10.079> really<00:15:10.480> comparing<00:15:11.040> sort<00:15:11.199> of 00:15:11.509 --> 00:15:11.519 align:start position:0% you're not really comparing sort of 00:15:11.519 --> 00:15:12.389 align:start position:0% you're not really comparing sort of people's 00:15:12.389 --> 00:15:12.399 align:start position:0% people's 00:15:12.399 --> 00:15:15.350 align:start position:0% people's situation<00:15:13.120> in<00:15:13.600> life 00:15:15.350 --> 00:15:15.360 align:start position:0% situation in life 00:15:15.360 --> 00:15:17.030 align:start position:0% situation in life there<00:15:15.519> are<00:15:15.680> two<00:15:15.920> important<00:15:16.399> conclusions<00:15:16.959> to 00:15:17.030 --> 00:15:17.040 align:start position:0% there are two important conclusions to 00:15:17.040 --> 00:15:20.230 align:start position:0% there are two important conclusions to be<00:15:17.199> drawn<00:15:17.519> from<00:15:17.760> our<00:15:17.920> analysis<00:15:19.040> the<00:15:19.360> first<00:15:19.760> is 00:15:20.230 --> 00:15:20.240 align:start position:0% be drawn from our analysis the first is 00:15:20.240 --> 00:15:22.150 align:start position:0% be drawn from our analysis the first is that<00:15:20.399> the<00:15:20.560> concept<00:15:21.040> of<00:15:21.120> the<00:15:21.279> average<00:15:21.760> needs<00:15:22.079> to 00:15:22.150 --> 00:15:22.160 align:start position:0% that the concept of the average needs to 00:15:22.160 --> 00:15:24.710 align:start position:0% that the concept of the average needs to be<00:15:22.320> used<00:15:22.639> with<00:15:22.880> caution<00:15:23.680> it's<00:15:23.920> a<00:15:24.079> lot<00:15:24.320> trickier 00:15:24.710 --> 00:15:24.720 align:start position:0% be used with caution it's a lot trickier 00:15:24.720 --> 00:15:26.710 align:start position:0% be used with caution it's a lot trickier than<00:15:24.880> we<00:15:25.040> might<00:15:25.360> think<00:15:26.079> but<00:15:26.240> the<00:15:26.399> second 00:15:26.710 --> 00:15:26.720 align:start position:0% than we might think but the second 00:15:26.720 --> 00:15:28.629 align:start position:0% than we might think but the second conclusion<00:15:27.360> is<00:15:27.519> this 00:15:28.629 --> 00:15:28.639 align:start position:0% conclusion is this 00:15:28.639 --> 00:15:31.910 align:start position:0% conclusion is this we<00:15:28.880> always<00:15:29.199> have<00:15:29.360> to<00:15:29.519> look<00:15:29.839> behind<00:15:30.560> data<00:15:31.519> data 00:15:31.910 --> 00:15:31.920 align:start position:0% we always have to look behind data data 00:15:31.920 --> 00:15:33.030 align:start position:0% we always have to look behind data data seems<00:15:32.240> so 00:15:33.030 --> 00:15:33.040 align:start position:0% seems so 00:15:33.040 --> 00:15:34.310 align:start position:0% seems so objective 00:15:34.310 --> 00:15:34.320 align:start position:0% objective 00:15:34.320 --> 00:15:36.389 align:start position:0% objective here<00:15:34.560> are<00:15:34.720> the<00:15:34.800> facts 00:15:36.389 --> 00:15:36.399 align:start position:0% here are the facts 00:15:36.399 --> 00:15:40.230 align:start position:0% here are the facts but<00:15:36.560> the<00:15:36.880> facts<00:15:37.920> can<00:15:38.160> sometimes<00:15:38.720> mislead<00:15:40.000> how 00:15:40.230 --> 00:15:40.240 align:start position:0% but the facts can sometimes mislead how 00:15:40.240 --> 00:15:42.230 align:start position:0% but the facts can sometimes mislead how to<00:15:40.480> interpret<00:15:41.279> data 00:15:42.230 --> 00:15:42.240 align:start position:0% to interpret data 00:15:42.240 --> 00:16:01.509 align:start position:0% to interpret data is<00:15:42.399> not<00:15:42.639> always<00:15:42.959> straightforward 00:16:01.509 --> 00:16:01.519 align:start position:0% 00:16:01.519 --> 00:16:03.600 align:start position:0% you