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'Misunderestimating' Living Standards

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Author Info

  • John Schmitt
  • David Rosnick

Abstract

This 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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File URL: http://www.cepr.net/documents/publications/living_standards_2008_01.pdf
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Bibliographic Info

Paper provided by Center for Economic and Policy Research (CEPR) in its series CEPR Reports and Issue Briefs with number 2008-01.

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Length: 2 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:epo:papers:2008-01

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Keywords: standard of living; international standards of living;

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