Will the next generation have a higher or lower standard of living How Essay

Will the adjacent generation have a higher or lower standard of aliment How and why - turn out ExamplePredicting the U.S.s standard of living in the future is therefore based on the bygone and its current standard of living. However, prior to anticipating what to come in the future, it is also important to know how exactly to mensurate the standard of living of a nation in general. This is also emphasized in the paper.In westbound Nations particularly in the United States, the standard of living is moving to an upward spiral trend. It is quite simple-minded to believe on this. However, there must be enough bases prior to believing on this. It is steady-going to consider how exactly to measure standard of living. Household income and wasting diseases per capita plus own production can be essential yardsticks for measuring standard of living however such should be included with health, life expectancy, literacy, and devil to public goods or common property resources (World Ba nk, par. 5). Mostly, all of these yardsticks for the standard of living are commonly employ in measuring the countrys standard of living. A country with high household income and expenditure but receiving poor health system, can be considered having poor quality of living. In the same way, a higher literacy rate does not necessarily imply that the country has high quality of living. In fact, withal if there is higher literacy rate, but the life expectancy rate is shorter, then there must be an implication that there is an existing poor quality of living.Even though it is not a everlasting(a) measure of the cost of living, price index can also try to gauge the cost of living (Mankiw, 298). There are many noted disadvantages about price index and this only implies that it cannot be the exceed tool to gauge the existing standard of living of the country. However, because of near of its important economic implications, at some point there is remarkably significant connection betwee n price index and