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Standard of living is the level of income, comforts and services available to an individual, community or society.A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. [1]
Motivated by the fact that economists mainly focus on income per capita in their analyses of standards of living, but that states across the United States differ along many other dimensions, they build a measure of living standards (à la Jones and Klenow 2016 [60]) that accounts for cross-state variations in mortality, consumption, education ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 26 January 2025. World map of countries or territories by Human Development Index scores in increments of 0.050 (based on 2022 data, published in 2024) ≥ 0.950 0.900–0.950 0.850–0.899 0.800–0.849 0.750–0.799 0.700–0.749 0.650–0.699 0.600–0.649 0.550–0.599 0.500–0.549 0.450–0.499 0. ...
Cost of living is defined as the amount of money required to cover necessary expenses to maintain a certain lifestyle standard in a particular place. These expenses can include housing, food ...
The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, knowledge, and a decent standard of living. It is a standard means of measuring well-being.
As a result, standard of living should not be taken to be a measure of happiness. [2] [8] Also, sometimes considered related is the concept of human security, though the latter may be considered at a more basic level and for all people.
The New Economics Foundation (NEF) has estimated that 23.4 million people will be short of funds to meet the “acceptable standard of living” by April 2022, by an average of £8,600 per year.
In America as our standard of living rises, so does our idea of what is substandard." [41] [43] In 1965, Rose Friedman argued for the use of relative poverty claiming that the definition of poverty changes with general living standards. Those labelled as poor in 1995, would have had "a higher standard of living than many labelled not poor" in 1965.