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[1] [2] [3] It was coined in reference to the views of classical economists such as David Ricardo's law of rent, and the competing population theory of Thomas Malthus. It held that the market price of labor (which tends toward the minimum required for the subsistence of the laborers) would always, or almost always, reduce as the working ...
The Affluent Society is a 1958 (4th edition revised 1984) book by Harvard economist John Kenneth Galbraith.The book sought to clearly outline the manner in which the post–World War II United States was becoming wealthy in the private sector but remained poor in the public sector, lacking social and physical infrastructure, and perpetuating income disparities.
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 ...
The "healthspan-lifespan gap" was largest in the U.S., as Americans live in poor health for an average of 12.4 years, compared to 10.9 years in 2000.
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 ...
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]
where PR is a poverty measure and y is per capita income. Generally, increases in per capita income tend to decrease the poverty rate, hence the elasticity is positive. Standard estimates of GEP for developing countries range from 1.5 to 5, with an average estimate of around 3. This implies that a 1% increase in per capita income is associated ...
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. . Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of the populati