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Joseph Eugene Stiglitz is an American economist and public policy analyst, who is University Professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists, and of international institutions such as the International Monetary Fund and the World Bank.
Poverty is the state of not having enough material possessions or income for a person's basic needs. Poverty can have diverse social, economic, and political causes and effects. When evaluating poverty in statistics or economics there are two main measures: Absolute poverty measures compare income against the amount needed to meet basic personal needs, such as food, clothing, and shelter. Relative poverty measures when a person cannot meet a minimum level of living standards, compared to others in the same time and place. Thus relative poverty is defined varies from one country to another, or from one society to another.
In general, a rural area or a countryside is a geographic area that is located outside towns and cities. The Health Resources and Services Administration of the United States Department of Health and Human Services defines the word rural as encompassing "...all population, housing, and territory not included within an urban area. Whatever is not urban is considered rural." Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry typically are described as rural. Different countries have varying definitions of rural for statistical and administrative purposes.
There are wide varieties of economic inequality, most notably measured using the distribution of income and the distribution of wealth. Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people.
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India is a developing nation. Although its economy is growing, poverty is still a major challenge. However, poverty is on the decline in India. It has around 84 million people living in extreme poverty which makes up ~6% of its total population as of May 2021. The COVID-19 pandemic is estimated to push an additional 90 million to 115 million people into extreme poverty this year, with the total rising to as many as 400 million by 2021, depending on the severity of the economic contraction. Extreme poverty, defined as living on less than $1.90 a day, is likely to affect between 9.1% and 9.4% of the world’s population in 2020, according to the biennial Poverty and Shared Prosperity Report. This would represent a regression to the rate of 9.2% in 2017. Had the pandemic not convulsed the globe, the poverty rate was expected to drop to 7.9% in 2020.. In May 2012, the World Bank reviewed and proposed revisions to their poverty calculation methodology and purchasing power parity basis for measuring poverty worldwide. It was a minimal 3.6% in terms of percentage. As of 2020, the incidence of multidimensional poverty has significantly reduced from 54.7% in 2005 to 27.9% in 2015–2016. According to United Nations Development Programme administrator Achim Steiner, India lifted 271 million people out of extreme poverty in a 10-year time period from 2005–2006 to 2015–2016. A 2020 study from the World Economic Forum found "Some 220 million Indians sustained on an expenditure level of less than Rs 32 / day—the poverty line for rural India—by the last headcount of the poor in India in 2013."
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Nora Lustig is the Samuel Z. Stone Professor of Latin American Economics in the Department of Economics at Tulane University, the Director of the Commitment to Equity (CEQ) Institute at Tulane University, and a non-resident Fellow at the Center for Global Development and the Inter-American Dialogue.
The causes of poverty may vary with respect to nation, region, and in comparison with other countries at the global level. Yet, there is a commonality amongst these causes. Philosophical perspectives, and especially historical perspectives, including some factors at a micro and macro level can be considered in understanding these causes.
Erik Thorbecke is a development economist. He is a co-originator of the widely used Foster-Greer-Thorbecke poverty measure and played a significant role in the development and popularization of Social Accounting Matrix. Currently, he is H. E. Babcock Professor of Economics, Emeritus, and Graduate School Professor at Cornell University.
Lane Kenworthy is an American professor of sociology and political science. He has worked at the University of Arizona since 2004, being a full professor since 2007. He is known for his statistical and analytic work on the economic effects of income and wealth distribution. He currently teaches at the University of California, San Diego.
Sanjiv M. Ravi Kanbur, is T.H. Lee Professor of World Affairs, International Professor of Applied Economics, and Professor of Economics at Cornell University. He worked for the World Bank for almost two decades and was the director of the World Development Report.
References
- ↑ "Carl Riskin". columbia.edu. Retrieved February 27, 2017.
- ↑ "CV" (PDF). qc.-econ-bba.com. Retrieved February 27, 2017.
- ↑ "Riskin, Carl". worldcat.org. Retrieved February 27, 2017.
- ↑ Income and Inequality in China
- ↑ Chinese Rural Poverty: Marginalized or Dispersed?
- ↑ Carl Riskin on Google Sholar
