"The standard of living does not simply depend on some total physical output of production; it depends much more on the proper distribution or proportioning of the various specific production factors in producing a well-balanced composition of a variety of consumer goods."

- Hoppe

Before socialist bros interpret this quote as a call for bureaucratic redistribution:

That's not the point being made. Proper distribution here means that production follows demand rather than arbitrary edicts.

Prices are allowed to rise and fall with demand in such a way that producers are able to satisfy the demands of consumers. Consumers control the allocation of capital by voting with their wallet while buying goods and services in the market. Producers have to constantly readjust based on consumer preferences, which will keep changing. Hence, over time, their demands are satisfied, while producers also profit off of it.

That's how the overall standard of living is raised.

GDP, income distribution, per capita income, export numbers, production metrics, visual evidence are all useful indicators for determining how the economy of a particular region is doing. But their usefulness is limited.