Eco 372 Week 1 Reflection Paper

1. The current “widely accepted standard” defines poverty as living on less than 2$ per day. Extremely poverty would be living on less than 1$ per day. The way this definition varies from issues of inequality and economic welling being is people who do not have the “basic necessities -- the food, the shelter, the clothing-- that they need to lead a reasonable life is seen as poverty. However Issues of inequality and distribution of other measures of well being says that there no way to “adequately capture” a person’s welling being, and that those who don’t fit the standards could still be living in poverty. So overall, this definition speaks on well being and survival, while the inequality focus about fairness and equal destructions and having a stable lifestyle.

2. In the article, the author says “the failure to consider distribution creates serious practical problems for campaigns against poverty.” I would say that he is speaking about recognize and change all aspects of poverty and the causes. He states i n the articles “if poverty is understood in absolute terms without the
The multi-dimensional understanding of material well-being is seen in term of income, economic development ,and economic growth. People value achievements that do not show up at all, higher measure income or growth figure and etc. They want better nutrition and health services, greater access to knowledge, more secure livelihoods, and etc. This is something that a merely looking at income cannot measure. The three components of “limitations, security, and livelihood came come close in comparing to the multi-dimensional understand by income. The index stated similar components along with more that fit the multi dimensional understanding. There more to well being than how much you make, us humans look for more in life than just that. It’s not about having the best to people. It’s about creating a life that they can be happy well physically, mentally and