Measuring The Standard Of Living In Venezuela

President Maduro has followed in Chavez’s footsteps and continued to run the country under a socialist party. There are many forms of socialism and not all of them hold the same goals but essentially socialism is an economic and political system. The common factors that all forms of socialism share is the concept of social ownership, otherwise referred to as common ownership. Venezuela operates under democratic socialism this means that the factors of production are equally owned by everyone in the society instead of any one individual or by the government. Since all capital is owned by the government the questions of what to produce, how to produce and for whom to produce are decided politically and then implemented by the government. Different

There are a variety of ways to measure the standard of living for people living in a country. The most common ways to do so is by measuring the amount of GDP per capita but using only that statistic would not give an accurate measure of the current state, so there are are other statistics that can be taken into account when measuring standard of living and overall state of the economy. Another way would be to use the Human Development Index(HDI), the unemployment and inflation rates and alternative statistics such as life expectancy at birth or infant mortality rates. Each of these ways of measuring standard of living hold their faults, one prominent example would be one using GDP per capita. GDP per capita is just the total GDP of a country divided by its population, this does not actually tell you what people are living like and it assumes that everyone in the country is earning the same exact amount of money. It does not indicate how many people are living in extreme poverty or those who earn the most money in a country. There are also a few issues when using statistics that have been provided by the government or companies, the main problem is that you do not know what their motives are and that if the information that they published is accurate. Though these methods present their