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McOnomics and more: The mad world of McDonald's

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Tags: Big MacBig Mac IndexChew on ThisFinanceIndiaKargil WarLiebeck v. McDonalds RestaurantsMcdDonaldsMcDonaldsNorwaysurathkal-national-institute-of-technology-karnatakaUkraineUnited StatesUnited States invasion of PanamaUS DollarYugoslavia

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There is a term in economics called the Purchasing Power Parity (PPP). It is used to determine the value of currencies relative to one another. Simply put, it gauges how much money would be required to purchase the same goods but by using different currencies. How does McDonald's come in here, do you ask? Here's how. Economists came up with a Big Mac Index, which lists the price of a 'Big Mac' burger in many countries converter to the US Dollar. If a currency is above the US dollar on the list, ...

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