'Misunderestimating' Living Standards
AbstractThis issue brief finds that a forecast by Oxford Economics suggesting that the United Kingdom’s living standards will exceed those of the U.S. in 2008 is misleading. CEPR found that the forecast relies on a basic misunderstanding of standard methods of comparing international standards of living. Using the appropriate economic method, in 2008, the GDP per capita of the United States will exceed that of the United Kingdom by almost 19 percent.
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Bibliographic InfoPaper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2008-01.
Length: 2 pages
Date of creation: Jan 2008
Date of revision:
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standard of living; international standards of living;
Find related papers by JEL classification:
- J - Labor and Demographic Economics
- O - Economic Development, Technological Change, and Growth
- O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-04 (All new papers)
- NEP-HAP-2008-11-04 (Economics of Happiness)
- NEP-HPE-2008-11-04 (History & Philosophy of Economics)
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