Failures in Research Measuring the Standard of Living

The standard of living is measured by family assets and physical assets and the INFHS Living Index Standard is used. We take a weighted average and add up. Each family is assigned to one fifth from one fifth to one fifth. The asset index measures SEP at the household level to quantify important aspects of living standards and its interpretation depends on the relationship between individuals and their families. Subramanian et al. Could not measure the life course SEP.

Gross Domestic Product (GDP) is one of the main indicators for measuring the economic situation of countries including China. Gross domestic product (GDP) is increasingly criticized for not being able to properly measure living standards. In my opinion, criticism seems to be correct. Since the recent GDP growth rate is 4%, it is almost impossible to measure the whole living standard of the people. China has the largest population of GDP (gross domestic product), but it grew faster than the United States became a major global player of the world economy. The GDP report is an important measure, but it is not the best indicator of civic living standards.

Gross domestic product (GDP) measures the total output of the country, which mainly determines living standards. The decline in production during the Great Depression was clearly far worse than in recent years. But at the beginning, during the rapid growth of the middle of the 1930s, and subsequent recruitment of the war in the early 1940s, the economy eventually rebounded. By 2019, adult GDP of working age is only 11% at the time of the crisis (except for unexpected growth and recession). This is a long-term tragic growth rate. Yes, the economy is doing pretty well in the past 1-2 years, but growth especially in the early 21st century is also mediocre, so it is not enough to compensate for the long-term recession. It is no wonder that so many Americans are getting angry and depressed.