As economists, we are used to looking at summary indicators of living standards – income, expenditure, consumption etc. – and comparing them over time. Such measures are indispensable for a holistic overview, but their obvious drawback is that they can only move in one direction at the time, which rarely describes what people experience. Living standards are more multi-faceted than that; they can easily improve in some respects whilst stagnating or deteriorating in others because of changes in the structure of relative prices and wages.
Read the full blog post hereSource: http://www.iea.org.uk/blog/baby-boomers-vs-generation-y-the-phoney-battle
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