What is considered as poor economics?
Poverty is about not having enough money to meet basic needs including food, clothing and shelter. However, poverty is more, much more than just not having enough money. The World Bank Organization describes poverty in this way: “Poverty is hunger. Poverty is lack of shelter.
What is poverty trap in economics?
Definition: Poverty trap is a spiraling mechanism which forces people to remain poor. It is so binding in itself that it doesn't allow the poor people to escape it. Poverty trap generally happens in developing and under-developing countries, and is caused by a lack of capital and credit to people.
Who is Abhijit Banerjee and Esther Duflo?
Abhijit Banerjee was married to Dr. Arundhati Tuli Banerjee, a lecturer of literature at MIT. Abhijit and Arundhati had one son together and later divorced. Their son, born in 1991, died in an accident in 2016. In 2015, Banerjee married his co-researcher, MIT professor Esther Duflo; they have two children.
What conditions might lead to an S shaped poverty curve?
When people get richer, they can afford to buy more food, which raises the level of bodily needs' satisfaction. Thus, extra food enables raised labour productivity and increased output. This simple bodily mechanism creates an S-shaped curve between the income today and income tomorrow as depicted in Fig.