I really like this letter printed in today’s New York Times:

How sad that the Europeans are beginning to emulate American work hours (front page, July 7). In aspiring to American-style gross domestic products, they may just find themselves with more American-style problems, like increased incidence of depression, obesity, youth crime and breakdown of family relationships — all of which place an increasing burden on the economy.

American economic prosperity may enable the average American to enjoy more comforts and luxuries than the average European. But for all that, Americans don’t necessarily have a higher standard of living than other (developed) nations — just a higher standard of “having.”

A standard of “having” is not the same as a standard of living. It’s important to keep that in mind.