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'Misunderestimating' Living Standards

Author

Listed:
  • 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.

Suggested Citation

  • John Schmitt & David Rosnick, 2008. "'Misunderestimating' Living Standards," CEPR Reports and Issue Briefs 2008-01, Center for Economic and Policy Research (CEPR).
  • Handle: RePEc:epo:papers:2008-01
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    File URL: http://www.cepr.net/documents/publications/living_standards_2008_01.pdf
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    More about this item

    Keywords

    standard of living; international standards of living;

    JEL classification:

    • J - Labor and Demographic Economics
    • O - Economic Development, Innovation, Technological Change, and Growth
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies 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

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