Income and Standard of Living U.S. income per person today is roughly eight times what it...

Income and Standard of Living

U.S. income per person today is roughly eight times what it was a century ago. Many other countries have also experienced significant growth over that period. What are some specific ways in which your standard of living differs from that of your grandparents? To what do you attribute this growth in income?

Expert Solution

In my grandparents time my grandfather was the sole breadwinner. All the other members were depended on him. At that time they had responsibility of more than two children. He had to educate them with his limited earning. He had to fulfill all the family members requirements alone which was quite difficult at that time. At that time technology was not so advanced as it is today. Again the standard of technical learning was not so advanced as it is today. Again gender roles were specific which cause low income growth in family.

In todays' advanced world our standard of living is different from that of our grandparents. In today's family, both husband and wife are earning money. They are earning hefty incomes to lead a good life. From the point of view of taking responsibility of children they desire to take one child because to expect another child will be more expensive for them. Due to one child norm all their income and attention will be concentrated on one child which will flourish their child's future.

So in comparing the standard of living of both grandparent and today's couple, it can be said that today's couples' life is better off.

Today's purchasing power has increased than that of grandparents. Standard of education which is a yardstick for better income has also changed over a period of time. Career aspirations and availability of more career options, gender roles, limit of family size all are causing a drastic change in today's family income. This growth in income is also the result of advancement of technology. In grandparents time there was limited use of technology which enable them to earn less while in today's era with the use of technology and higher education, couples are earning million dollars of income and leading a better life.

Rahul Sunny answered 2 years ago

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