Dora L. Costa, associate professor of economics at the Massachusetts Institute of Technology, will document the long run evolution of American living standards from the mid-19th century to the present. Conventional thinking equates money income with well-being and economic growth with gains in living standards. Costa will adopt a more complete definition of living standards, measuring consumption, hours worked, and health. Costa's research indicates that living standards do not always keep pace with fast economic growth; neither do they necessarily suffer during periods of income stagnation. Ultimately, Costa aims to formulate a new quantitative measure of living standards to complement more familiar indicators, such as income and growth.