Difference Between Quality of Life and Standard of Living
Quality of life is another measure of economic development.Quality of life and standard of living should not be confused as synonyms of each other,even when one supports the other.
|Quality of Life||Standard of Living|
|(i) Quality of life not only refers to the level of consumption, but also the degree of freedom, civil liberties, leisure(s) and pleasures in life, as well as the freedom of choice.||(i) Standard of living generally refers to the level of consumption of goods and services. High level of consumption of goods and services implies high standard of living.|
|(ii) It does not exclusively depend on the level of income: Higher level of income does not necessarily mean better quality of life.||(ii) It exclusively depends on the level of income: Higher level of income ensures higher standard of living.|
|(iii) Quality of life refers to the completeness of life.||(iii) Standard of living refers to the richness of life.|
Quality of life is indicated in terms of two well-known indices of development, viz:
Physical Quality of Life Index
It is an index of economic development put forth by Morris D Morris. The index is based on life expectancy, infant mortality rate and literacy.
Human Development Index
It is a composite index prepared by UNDP on the basis of longevity, educational attainment per capita real GDP.