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 ?
He said that according to forecasts made by international organizations, Estonia's living standard will not reach that of Finland for a while.
Microfinance affects positively people's life, increases living standard such as health, education, food, and other social benefits; and alleviates the poverty.
Some other writers (Sen, 1989; Balcerovick, 2006) have noted that the concept of living standard has been poorly understood and narrowly defined.
In the 2004 Household Economic Survey, the small sample of older Maori meant that ethnic breakdowns were not viable (Ministry of Social Development 2007) although we know that older Maori have lower living standards in general than older non-Maori (Cunningham, et al.
43, named "living standard", of the Constitution adopted in 1991, that the state should be bound to take measures of economic development and social protection, of a nature to ensure a decent living standard for its citizens.
one that discriminated across the living standard continuum, from high to low) and (b) a direct (outcome-based) measure.
The only way to keep or raise the living standard on the back of aging population is to raise productivity.
Jens Ulltveit-Moe, the outgoing president of the Confederation of Norwegian Business and Industry (NHO), has reportedly claimed that the high Norwegian living standard was not sustainable, and Norwegians would have to expect a cut in sick pay and other benefits in the coming years.
But this procedure goes further: It calculates the net contribution of the insured to the family's living standard by subtracting the insured's present values of future tax payments and living expenses from his or her present earnings.
Unfortunately for the people with underdeveloped economies, resources that are necessary to raise their living standard are being consumed by the developed economies.
Editor Gregory Kelly said that, to maintain today's living standard, "today's dentist must become more knowledgeable and involved regarding his/her own personal finances and investments.
One view is that current saving is adequate if it enables a household to maintain its living standard at its "sustainable" level (both before and after retirement).