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econoMAX - Different approaches to measuring living standards
Jim Riley
19th January 2013
Mark Johnston explains how wellbeing or standard-of-living have become key policy objectives of governments worldwide and politicians have been grasping as what makes societies ‘better off’. Aristotle grappled with how to attain happiness and he suggested two key measurements: moral life, which was necessary to attain happiness, and material life, which was necessary to meet basic needs. However, today there are numerous indicators that are used in defining well-being which include: economics, theology, ecology and philosophys.
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