Question

What are some of the other ways of comparing the standard of living in countries around the world?

Short answer

Some economists try to quantify happiness, while others look at health-care data like life expectancy and infant mortality.

Step-by-step solution

Step 1. Define standards of living.

The amount of money, amenities, and services available to a community or region, instead of an individual, is referred to as the quality of living.

Step 2. Ways of comparing the standard of living in countries around the world.

Some economists attempt to quantify happiness, while others use health-care statistics such as life expectancy or infant mortality.

Individual happiness was developed as a proxy for collective well-being, and the happiness metric was developed to track it.

Life expectancy is a statistical estimation length of time an organism is expected to live based on its birth year, current age, and other demographic characteristics such as gender.

The probability of a child born in a given year or period dying before the age of one is defined as the probability of a child born in that year or period dying before the age of one because subjected to time of life mortality rates of that era.

Step 3. Human development Index

Human development index or HDI is presented in a report published by the Development program of the United Nations. This index includes life expectancy, literacy, and purchasing power parity to show living standards in different countries. Based on the HDI rankings, comparison can be made between different countries.