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When evaluating poverty in statistics or economics there are two main measures: absolute poverty which compares income against the amount needed to meet basic personal needs, such as food, clothing, and shelter; [2] secondly, relative poverty measures when a person cannot meet a minimum level of living standards, compared to others in the same ...
Relative poverty means low income relative to others in a country: [29] for example, below 60% of the median income of people in that country. Relative poverty measurements, unlike absolute poverty measurements, take the social economic environment of the people observed into consideration.
This differentiates relative deprivation from objective deprivation (also known as absolute deprivation or absolute poverty) - a condition that applies to all underprivileged people. This leads to an important conclusion: while the objective deprivation (poverty) in the world may change over time, relative deprivation will not, as long as ...
The main poverty line used in the OECD and the European Union is a relative poverty measure based on 60% of the median household income. The United States uses an absolute poverty measure based on the U.S. Department of Agriculture's "economy food plan", adjusted for inflation. The World Bank also defines poverty in
[4] [5] There are many working definitions of "poverty", with considerable debate on the most accurate definition of the term. Lack of income security, economic stability and the predictability of one's continued means to meet basic needs all serve as absolute indicators of poverty. Poverty may therefore also be defined as the economic ...
Relative poverty refers to individuals or entities that do not meet minimum standards versus others in the same area, place and time. A lot of poorer economies can have both absolute and relative poverty affecting its respective people. Relative poverty generally exists more in advanced economies. [3] [4]
The international poverty line is designed to stay constant over time, to allow comparisons between different years. It is therefore a measure of absolute poverty and is not measuring relative poverty. It is also not designed to capture how people view their own financial situation (known as the socially subjective poverty line). [23]
Mink, Gwendolyn, and Alice O'Connor, eds. Poverty in the United States: An Encyclopedia of History, Politics, and Policy (ABC-CLIO 2004). Patterson, James T. (2000) America's Struggle against Poverty in the Twentieth Century (Harvard UP, 2000) online. Prasad, Monica (2012). The Land of Too Much: American Abundance and the Paradox of Poverty.