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Economics of Poverty

IntroductionEconomics of Poverty

Poverty is one of the issues on the top global agenda. Poverty has been accepted as a multidimensional issue. It is a factor that has remained elusive and the central point in the study of production, distribution, and consumption of resources in society (Barrett & Carter, 2013). The measurement and conceptualization of poverty have been considered in the academic arenas as a matter of contention (Cowell, 2003). The purpose of this study is to provide an accessible synthesis that would contribute to the understanding of why poverty exists, measurement of poverty, reasons for the existence of poverty, and the possible mitigations to reduce and eliminate poverty. The study will also focus on money metric approaches and their significance to income and consumption. In addition, the study will argue the case of the capability approach on monetary income and consumption level.

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