If the people around you have a similar situation poverty and wealth vague concept. There is only poverty or wealth relationship with a known amount or expected. Poverty occurs in all races and all nations . The concept of the middle class , as a social phenomenon of this century , a large section . Defined proportion of poor people who suffer the Poverty among generations of different situations of poverty.
AN OVERVIEW OF THE FOUR APPROACHES: (i) The Monetary Approach: The monetary approach is the most popular approach to identification and measurement of poverty. In this approach, poverty identifies with a shortfall income from the poverty line. Where the poverty lines define as a threshold level of income which can purchase the minimum consumption bundle of good and services needed for the survival of subsistence life. The threshold level of income depends on the monetary value of those items which are included in the consumption bundles and its market prices (Grosh and Glewwe 2000). This approach is quite compatible with the utility maximising behaviour of Individuals.
It reports the poverty data from household survey programs. The official national estimates of poverty are made here by analyzing The Annual Social and Economic Supplement with what the present population study has. Their area of analysis is largely the degree and what are the sources of poverty in the United States. The result of this is the inequality that is seen in the society and what impacts does this have on the growth and development of the nation. Then again, they review and survey on the household data and methods of achieving this is found from this database as well.
Book review: Poor economics: A radical rethinking of the way to fight global poverty Name Date Poor economics provides a story about how poor people live their lives, issues that keep them poor and some policies that can ease poverty. It provides an insight into poverty through the lens of poverty traps. The authors discuss whether dynamics involving income are S shaped where if an individual starts low then they are trapped at low-income levels or whether they are L shaped, where everyone will eventually converge to high-income levels. They also look into evidence of other traps such as educational expectations trap, health trap, hunger trap and family size trap. The central idea is that incorrect expectations and lack of information
The United States government officially classifies 15 percent of the population as poor. Each year, the U.S Census Bureau determines poverty status by comparing pre-tax cash income to a threshold that is set three time the cost of a minimum food diet that is updated annually for inflation using the CPI (Consumer Price Index), and adjusted to family size, composition, and age of householder.
Poverty can also be defined into absolute or relative terms. The first concept has to be with the income necessary to meet basic needs, like food, clothing and shelter. On the other hand, the second concept takes into account the social and cultural aspect of someone’s life, defining poor as the failure to meet some pre-established standards of living in a certain societal context.
The poverty line should be redefined Poverty is one of the primary social issues influencing individuals in the United States today. About one in eight Americans will experience the ill effects of poverty. Poverty is the budgetary situation in which individuals need satisfactory salary to get fundamental requirements for safe house, garments, sustenance, training and wellbeing administrations. You can say poverty is defenselessness, it is the point at which a man needs representation and decision. This paper will analyze issues surrounding poverty and poverty line and why it should be redefined.
While many theories of poverty exist, few focus on the overarching issues that exist to perpetuate poverty in the United States. Of them all, the Structural Theory of poverty addresses those issues most directly. This theory focuses on the overarching structural factors in society that dictate our lives and every decision. It is impossible to address poverty and combat this ever-pressing, and ever-growing issue without recognizing that society places people in situations that are out of their control. Similarly to the Cultural Theory of Poverty, which explains how belonging to a socio-economic class (specifically being in poverty) for generations produces a new family culture that is distinct from others.
Equality is "the right of different groups of people to have a similar social position and receive the same treatment" (Cambridge Advanced Learner's Dictionary & Thesaurus, 2017). Differentiating Economic Inequality and Poverty. Barcalow (2007) differentiates economic inequality and poverty as, "People are economically unequal when some have more wealth or income than others. On the other hand, people are poor when they cannot or can barely afford what their society considers life's necessities." It is possible to have a society with poverty and no economic inequality and also one with economic inequality and no poverty.
SOCIAL CLASS AND POVERTY A. SOCIAL CLASS Social class is the class in the society. As the definition in Oxford dictionary, social class is a division of a society based on social and economic status. Besides being important in social theory, the concept of class as a collection of individuals sharing similar economic circumstances has been widely used in censuses and in studies of social mobility. The social and economic status becomes the indicator in set of hierarchical the social categories, upper, middle and lower classes, as the most common used.