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 ?
People's predictions of whether children today will have a higher standard of living than that of their parents reflect their perceived potential for economic progress.
If other conditions are the same, the larger this percentage, the higher the standard of living will be.
If we want to maintain anything resembling our current standard of living, we have to keep it higher - a lot higher - than the Chinese.
Shahab Lutfi, CEO of H&H Investment and Development, said: "At H&H, our aim is to elevate the standard of living and the services provided in all our developments to make them stand out compared to rival properties in the city.
Prices in Israel are high," and the standard of living "is not the same as in the United States, but about two-thirds as high," he said.
One third of citizens would dedicate themselves to solve the economic issues and improving the standard of living and only 10 percent answered that the name issue is the main priority.
Life insurer Scottish Provident says only 15 per cent of people questioned said they thought the standard of living for the average British family had actually improved since 2007.
Partnership director Sr Bernadette McMahon said: "It is clear that the national minimum wage and social welfare payments are all arbitrary and not informed on what households need to have a minimum essential standard of living.
The Pensions Policy Institute will say that people on average earnings who are due to retire in 2030 and are contributing to one of the schemes at the average rate of 10% of their pay, are unlikely to be able to afford their desired standard of living when they give up work.
The standard of living in mid-century America is not to be confused with the cost of living, warns Moskowitz (history and American studies, U.
It should meet regularly, set up minimum wages and renew regulations based on the standard of living.
Double your money is not double your standard of living It is more like halving your chances of protecting your present standard of living he said

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