| 单词 | standard of living |
| 释义 | standard of living The economic component of people's welfare. This is often measured by consumption per head, or by consumption per equivalent adult, counting children as fractions of adults. This is not in fact a perfect welfare measure: it disregards some important factors contributing to overall welfare. First, it does not count services such as health care and education, which are sometimes provided free or at subsidized prices by governments, and sometimes have to be provided by consumers for themselves. Second, it takes no account of environmental externalities such as pollution, traffic delays or crime. Third, it can be argued that income saved contributes to welfare as well as income consumed, since the assets accumulated make their owners safer. Indeed, at the margin a rational consumer should equate the benefits of £1 consumed and £1 saved. |
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