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Standard of Living

In: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy

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  • Hian Teck Hoon

Abstract

Over the long term, the standard of living is raised when there is sustained economic growth. However, even when a country has started on a path of sustained growth, the upward climb in living standards is not smooth. There are periodic shocks that cause economies to enter into recessions. Thus there are also business fluctuations that affect inflation and unemployment. In this chapter our focus is on economic growth; the next chapter picks up the theme of business fluctuations…

Suggested Citation

  • Hian Teck Hoon, 2018. "Standard of Living," World Scientific Book Chapters, in: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy, chapter 4, pages 73-82, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789813236233_0004
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    More about this item

    Keywords

    Singapore Economy; Catch-up Growth; Mature Economy; Standard of Living; Jobs; Business; Economic Model;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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