And there are geographic adjustments to account for the fact that it costs more to live in Manhattan than in Syracuse (for example) and more accurate adjustments for family size.
In this day and age, when Britain sometimes struggles to justify its status as a permanent member of the United Nations Security Council or as a "major player on the world stage", the medal table may prove to be a more accurate measure of international standing than the size, for example, of the GDP or the armed forces.