What measures the Standard of Living?

America has been the world's economic leader for over a century, yet there is mixed data as to weather America is truly ahead of the European countries. The data that proves these facts is partially distorted and so it is very difficult to make conclusions about a standard of living. Europeans are very productive but they work shorter hours per week then Americans so that they have leisure time to enjoy their hard work. Americans …

…European taxes would damper their standard of living, however these taxes allow Europeans to realize that working an extra hour won't increase their pay significantly. As a result, they choose to go home and enjoy leisure time, thus raising their standard of living. So while the data shows that Americans seem to be ahead, Europeans have a very high standard of living. Although Americans have more money, wealth is not the only factor to happiness.