Several things that need to be done to promote growth in living standards:
- protect property rights.
It is impossible for people to improve their standard of living if everything that they owned could be falsely claimed by other individuals who don't deserve it.
- maintain political stability.
Constantly changing laws or economic decision from one side to another would only created confusion among the citizens and force them to adapt to changing situations that make their life become much harder than it already is. Because of this, maintaining political stability is important.
- encourage the accumulation of factors of production.
As more factors of production are accumulated, the number of revenue that people have could also increase. More disposable income will make people able to acquire higher quality product, which is correlated to the improvement of standard of living.