Standard of Living

Course Description

Summary

What does it mean to live well, and how can it be measured? This course explores the concept of standard of living in economics, understood as how well-being and life conditions are defined, compared, and evaluated across communities.

We study four major approaches: the opulence approach, based on material wealth; the welfare approach, focused on utility or satisfaction; the multidimensional approach, such as the Human Development Index, which incorporates health, education, and nutrition; and the capability approach, which defines well-being in terms of real freedoms to achieve valued outcomes.

These frameworks are then applied empirically using county-level data from across the United States to examine disparities in income, education, housing, health, and life satisfaction. This analysis shows how different conceptualizations of well-being generate different accounts of inequality, and how measurement choices shape what becomes visible in social and economic life.

Drawing on economics, philosophy, public health, and development studies, the course develops a critical understanding of how well-being is measured and how these measurement frameworks shape our understanding of inequality and social conditions.

This seminar is designed for third- and fourth-year students. Second-year students may enroll with the instructor’s permission. The course combines verbal and written exposition with formal economic reasoning and quantitative analysis.

Familiarity with spreadsheet-based data analysis is expected. Prior exposure to basic statistical theory or applied methods is helpful but not required.

Course Requirements:

The course invites engagement with peers in a spirit of mutual appreciation, collaboration, and intellectual curiosity. It is built around two core commitments: (a) active engagement with assigned readings through consistent class participation, and (b) completion of empirical and written assignments.

Each class session depends on your preparation. You are expected to engage carefully with the readings in advance and contribute thoughtfully to discussion. Attendance is essential, as readings, discussion, data analysis, and written work together form an integrated learning process. All assignments must be completed and submitted on time for in-class discussion.