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).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
As they increase their standards of living, they benefit from doing so, on a firmer, more sustainable basis.
But he questions the optimists who believe that economic growth inevitably involves the creation of new, high-paying jobs and improvements in standards of living for all.
However, she hypothesized that exposure to microbes might be restricted in households that practice meticulous hygiene and those with high economic and social standards of living.
Economic development is something that benefits everyone by reducing unemployment, improving standards of living, advancing technological development and increasing tax revenues for education, health care and social programs.
Irwin does show how international trade improves productivity and raises standards of living. By increasing competition, it forces out the least productive producers and forces all remaining producers to adopt best practices.
Standards of living rise because the depreciation and other cash flows of industries employing older, increasingly obsolescent technologies are marshaled to finance the newly produced capital assets that almost always embody the cutting-edge technologies.
Now the retired and the poor on welfare are told that their standards of living, modified by a lower CPI increase, according to Boskin's criteria, are as good as they previously were.
But such analyses, based on standard economic data and methodology, fail to take into account varying regional price levels.(**) When adjusted for these, the picture looks very different: not only does the gap between standards of living and levels of labor productivity in different US regions shrink, but the order of rank changes.
More important, through their misunderstanding of productivity, such managers place severe constraints on the ability of men and women to raise the standards of living not only for themselves and their families but also for the entire economy.
Synopsis: Blacks score better than whites on Gallup's Standard of Living Index, mainly because blacks (64%) are more optimistic than whites (43%) that their standards of living are "getting better." Whites (77%) are still more likely than blacks (70%) to say they are satisfied with their living standards.
Technology gave Western societies the two revolutions that developed their economies, raised their middle-class standards of living, and reduced their death rates, resulting in rapid population growth.
If you and your Senate colleagues afford me the opportunity, I look forward to working with you in the years ahead to build a framework to enable the American people to enjoy the fruits of a sound and efficient financial system in an economy that is delivering the greatest possible sustained increases in standards of living.

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