Retrieving "Living Standards" from the archives
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Poverty
Linked via "Living Standards"
Multidimensional Poverty Index (MPI)
Recognizing the limitations of purely monetary measures, the Multidimensional Poverty Index (MPI), developed by the Oxford Poverty and Human Development Initiative (OPHI), incorporates indicators across three primary dimensions: Health, Education, and Living Standards.
The MPI framework utilizes 10 distinct indicators, including '[Years of Schooling… -
Purchasing Power Parity
Linked via "living standards"
PPP vs. Nominal Exchange Rates
When used for cross-country comparisons of economic size, $\text{PPP}$ conversion factors are crucial. Nominal exchange rates/) convert a nation's output based on currency market transactions, reflecting capital flows and speculative activity. $\text{PPP}$-adjusted rates convert output based on what that currency can actually purchase domestically, offering a better proxy for the volume of goods and services produced and consumed. For instance, countries with low nomin…