Measurements of the social effectiveness of management take on growing importance at a time of economic growth and social development. The existing range of technical and economic methods for measuring management effects is insufficient and does not permit a comprehensive assessment of the social rationality of contemporary economic processes. Consequently, it is necessary to intensify work on analyzing the social effectiveness of economic processes, particularly economic growth. Changes in population living standards best reflect the social effects of economic growth. The effectiveness of economic growth is a relationship between changes in the standard of living and the rate of economic growth as expressed by GDP growth indicators. The procedure for examining population living standards raises a lot of controversy. The standard of living is a category that comprises many different elements and cannot be measured directly. It requires indirect measurements based on a system of social indicators. To measure the standard of living, it is necessary to choose an appropriate set of indicators, and, through their statistical aggregation, build a composite (aggregate) index that will then become the basis for comparisons with economic growth indicators. On the basis of these comparisons, it is possible to formulate final opinions about the social effectiveness of economic growth. These procedures are presented in sections 3 and 4 of the article.