The Slippery Art of Measuring Living Standards.

Gross domestic product per capita, even when adjusted for purchasing power, is not an adequate way to make comparisons of standards of living across nations. This economist has long been interested in determining how best to measure just that. In this interview, he compares the U.S. and European way of life and says he believes that differences in GDP per capita exaggerate differences in the standard of living. [ABSTRACT FROM AUTHOR]