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 ?
Over the past 15 months, upper-income Americans have become comparatively more likely than other Americans to say their standards of living are getting better, restoring this group to its customary, more optimistic position in comparison with lower- and middle-income Americans.
Irwin does show how international trade improves productivity and raises standards of living.
A free-trade zone, coupled with other economic reforms, will increase economic growth and raise standards of living.
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.
Yet attempts to make all economic transactions balanced (even when guided by such laudable religious objectives as fairness, equality, and justice) ultimately deprive people of the opportunity to improve their standards of living.
Simply put, manufacturing matters -- to jobs, rising productivity, and higher standards of living.
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.
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.
The result has been an explosion in world trade, far greater consumer choice and higher standards of living.
com), a national non-profit company, to deliver content designed to help elevate standards of living for low-income households.
For productivity and standards of living to grow, not only must capital raised in markets be allocated efficiently, but internal cash flow, including the depreciation charges from the existing capital stock, must be continuously directed to their most profitable uses.

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