Poverty
Written by Iskander Kessikbayev
Poverty can occur in economies due a range of factors such as a worsening state of income inequality, inflation and global or local economic downturn.
In Economics there are 2 main types of poverty defined as relative and absolute poverty.
Relative poverty is defined as a citizen who can still afford bare necessities such as housing and food however is still poor compared to the average citizen in the country or region.
Absolute poverty is defined as a citizen who cannot afford bare necessities such as housing and food.
Limiting/removing poverty is a major aim of many governments across the world. And as such countries develop, usually in the long run poverty starts to fall as the government can focus more on eliminating poverty. Meanwhile in the short run LICs and MICs may have higher rates of poverty as they may be focused on aims such as economic growth and industrialization instead of eliminating poverty.
Poverty has many negative consequences, both for individuals and for society as a whole:
It can lead to poor health and malnutrition, low levels of education and job opportunities, and social exclusion. Poverty can also lead to crime and violence, and can undermine social cohesion and political stability.
Dealing with Poverty
To address poverty, governments and international organizations have implemented a variety of programs and policies. These can include providing access to education and job training, increasing access to healthcare and social services, and implementing social safety net programs such as cash transfers and food assistance.
Ultimately poverty is a major issue that plagues much of the world. In order to eliminate poverty governments have to consider multiple factors such as their stage of development as well as long and short term factors.
