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 ?
This paper draws on survey data on the relationship between living standards, family economic factors and adversity to examine the extent to which multiple disadvantage has an impact on living standards, especially among families with lower incomes.
This means a vicious chain effect--when labor falls, investment falls so that output and living standard fall too.
The tissue business is growing fastest in Eastern Europe, China and the rest of Asia where economic growth, rising living standards, and the growth of travel, hotel businesses, and fast food chains all contribute to demand growth.
"If you're good citizens, doing the right things, being a reasonable employer, raising environmental and living standards and offering benefit plans and health and welfare, you get really good, loyal friends in China," David explained.
Meanwhile, Diamond calls on Americans, Europeans, and Japanese to reject their "traditional consumer values" So in essence, Diamond's solution to the problems he believes humanity faces is to reduce the living standards of the world's wealthiest societies (U.S., Europe, Japan) and curb economic growth in the poorer countries.
The model assumes that an insured's goals are to secure the living standards of the household and ensure comparable living standards for his or her survivors.
Unfortunately for the people with underdeveloped economies, resources that are necessary to raise their living standard are being consumed by the developed economies.
Moreover, lengthening life spans imply that a failure to save adequately will worsen retiree living standards or force a postponement of retirement--both of which imply lower economic welfare.
While not a "magic bullet" to solve all food problems, the paper suggests that improving crop yields and enhancing nutrition of crops could become a valuable tool in the effort to increase living standards around the globe.
CARF has published the Assisted Living Standards Manual, which contains standards that are intended to guide assisted living providers toward voluntary accreditation and quality improvement.
It may be that living standards are going up faster than official estimates indicate, according to a report from the National Bureau of Economic Research.
A great deal of subjectivity comes into play when people start talking about living standards. To understand why, let's consider the hypothetical case of someone - we'll call him John Jones - whose living standard appears to be decidedly on the rise.