standard of living

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standard of living

the general level of economic prosperity in an economy as measured by, for example, the level of per capita income (GROSS NATIONAL PRODUCT divided by the size of the POPULATION). A country's standard of living will depend on such things as its level of economic maturity, investment and productivity and the provision by the government of various social welfare programmes. Advanced industrial countries like Japan (income per head $33,990 in 2003) and the UK (income per head $24,230 in 2003) are much more prosperous than developing countries such as the Upper Volta, Chad etc. (whose levels of income per head are less than $500).

standard of living

the monetary and nonmonetary elements that together make up a person's lifestyle. INCOME PER HEAD is used as a proxy for standard of living, although the PERSONAL DISTRIBUTION OF INCOME will mean that many people's incomes will differ from the average income. Another difficulty lies in assessing those benefits and costs that may improve a person's lifestyle but have no immediately attributable economic value. For example, two people may have identical salaries, but one may live in the country and have splendid scenery peace and quiet, no traffic jams when driving to work and little pollution, while the other may live in an industrial city that has considerable traffic jams, pollution, noise and crime. Monetary comparisons would suggest a similar standard of living, but this may not be the case. See ECONOMIC DEVELOPMENT.
References in periodicals archive ?
I wrote in 1993, in my book Creating a World Class Organization, that unless UK companies increased their level of investment in R&D, plant, equipment, technology and training, Britain will continue to lag behind its main competitors and living standards continue to fall.
Yet, residents in Bangladesh and Myanmar express great hope for rising living standards -- not because of their country's current level of development, but because of the positive trend and momentum of its development.
For example, if OECD's preconditions for long-term economic growth were to be adapted to IMF's forecast, Estonia should catch up with Finland by 2060 in terms of living standards.
The living standards concerns of a low income family with young children will be very different to those of a single person struggling to save for their impending retirement.
The report highlights key welfare reforms that will bear down most heavily on living standards.
The microfinance is expected to be very helpful for raising the income level and living standards of people living in these districts.
With living standards falling for five years, incomes stagnating and many jobs only available on insecure zero-hours contracts, there's been no meaningful improvement for most people in Wales.
The IFS's findings were contained in a new election briefing note on living standards, funded by the Nuffield Foundation.
MIDDLESBROUGH South and East Cleveland Labour MP Tom Blenkinsop has backed calls by Labour leader Ed Miliband for a new living standards index.
The Labour leader plans a new way of measuring living standards because the existing measure is "flawed".
They affirmed the government's focus on strengthening sectors that support comprehensive development so as to upgrade citizens' living standards and ensure their easy access to quality services.