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The Quality of Life

“Money won't create success, the freedom to make it will.”

Nelson Mandela

There are many quality of life indices. For example, one developed by the Economist Intelligence Unit (in 2005) uses nine quality of life factors to determine a nation's score:

  • Health: Life expectancy at birth (in years).
  • Family life: Divorce rate (per 1,000 population), converted into index of 1 (lowest divorce rates) to 5 (highest).
  • Community life: Dummy variable taking value 1 if country has either high rate of church attendance or trade-union membership; zero otherwise.
  • Material well being: GDP per person, at PPP in $.
  • Political stability and security: Political stability and security ratings.
  • Climate and geography: Latitude, to distinguish between warmer and colder climates.
  • Job security: Unemployment rate (%.)
  • Political freedom: Average of indexes of political and civil liberties. Scale of 1 (completely free) to 7 (unfree).
  • Gender equality: measured using ratio of average male and female earnings.

Not all countries are listed on the index because of lack of studies/data.

Source: Wikipedia