The Economics of Poverty: History, Measurement, and Policy by Martin Ravallion

By Martin Ravallion

There are fewer humans dwelling in severe poverty on the planet this present day than 30 years in the past. whereas that's an fulfillment, carrying on with development for terrible humans is way from guaranteed. Inequalities in entry to key assets threaten to stall development and poverty aid in lots of locations. The world's poorest have made just a small absolute achieve over these 30 years. growth has been gradual opposed to relative poverty as judged through the criteria of the rustic and time one lives in, and a superb many of us within the world's rising center classification stay susceptible to falling again into poverty.

The Economics of Poverty reviews seriously earlier and current debates on poverty, spanning either wealthy and bad nations. The booklet presents an obtainable new synthesis of present financial pondering on key questions: How is poverty measured? How a lot poverty is there? Why does poverty exist, and is it inevitable? What could be performed to lessen poverty? Can it also be eradicated? The ebook doesn't suppose that readers comprehend economics already. these new to the topic get loads of aid alongside the way in which in realizing its recommendations and techniques. Economics lives via its relevance to genuine global difficulties, and right here the matter of poverty is either the critical concentration and a car for learning.

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Whether the poverty line is absolute or relative refers to its monetary value, as used to compare with incomes or consumptions in monetary units. It is argued throughout this book, and in some depth in Part Two, that conceptually we should think of the monetary poverty line as corresponding to some fixed level of human “welfare”—it is welfare not income that determines whether one person is better off than another. ” But once we agree on a concept, it is ethically compelling to treat everyone the same way.

Only commodities used for final consumption or investment are included, to avoid double counting; “intermediate products” are left out. Prevailing prices are used for aggregation; a “price” is just the rate at which money can be exchanged for commodities. GDP has a number of limitations as a measure of economic progress. There are concerns about how well it is measured (notably the things that are typically left out, such as production within the home). There are concerns that (even if measured well) it reveals little about how the benefits of growth are distributed in society or about the attendant environmental costs.

Each chapter tries to be reasonably self-contained, although that will depend in part on the reader’s prior knowledge. 3 and chapter 6, and I do not cover any of the * boxes. The following table provides a guide for specialized readers. Type of Specialized Reader Suggested Reading Strategy You want an introduction to the economics of poverty. You either know general economics to at least intermediate level or you do not feel the need for a deeper understanding. Read the text, largely ignoring the boxes.

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