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In 2012 it was estimated that, using a poverty line of $1.25 a day, 1.2 billion people lived in poverty. [72] Given the current economic model, built on GDP, it would take 100 years to bring the world's poorest up to the poverty line of $1.25 a day. [73] UNICEF estimates half the world's children (or 1.1 billion) live in poverty. [74]
It was work, family, and faith that created wealth out of poverty: "It is this supply-side moral vision that underlies all the economic arguments of Wealth and Poverty." [ 8 ] In 1994, Gilder asserted that America has no poverty problem, the real problem is the "moral decay" of the "so-called poor," and their real need is "Christian teaching ...
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [ 1 ] The principles of welfare economics are often used to inform public economics , which focuses on the ways in which government intervention can improve social welfare .
Using the 1999 official poverty line of $17,029 for a family of four, it was found that 9.4% of persons working full-time and 14.9% of persons working at least part-time did not earn enough annually to keep them above the poverty line. [4]
Poverty reduction, poverty relief, or poverty alleviation is a set of measures, both economic and humanitarian, that are intended to permanently lift people out of poverty. Measures, like those promoted by Henry George in his economics classic Progress and Poverty , are those that raise, or are intended to raise, ways of enabling the poor to ...
In economics, a cycle of poverty or poverty trap is when poverty seems to be inherited, preventing subsequent generations from escaping it. [1] It is caused by self-reinforcing mechanisms that cause poverty, once it exists, to persist unless there is outside intervention. [ 2 ]
The most commonly used index from the family, FGT 2, puts higher weight on the poverty of the poorest individuals, making it a combined measure of poverty and income inequality and a popular choice within development economics. The indices were introduced in a 1984 paper by economists Erik Thorbecke, Joel Greer, and James Foster. [1] [2]
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).