Table of Contents

Handbook on the History of Economic Analysis Volume III

Handbook on the History of Economic Analysis Volume III

Developments in Major Fields of Economics

Edited by Gilbert Faccarello and Heinz D. Kurz

Volume III contains entries on the development of major fields in economics from the inception of systematic analysis until modern times. The reader is provided with succinct summary accounts of the main problems, the methods used to address them and the results obtained across time. The emphasis is on both the continuity and the major changes that have occurred in the economic analysis of problematic issues such as economic growth, income distribution, employment, inflation, business cycles and financial instability. Each Handbook can be read individually and acts as a self-contained volume in its own right. It can be purchased separately or as part of a three-volume set.

Chapter 33: Poverty

Katsuyoshi Watarai

Subjects: economics and finance, history of economic thought

Extract

In the history of economic thought, poverty has been one of the most discussed problems. However, poverty did not mean the same thing for different authors. There are two main definitions of poverty: absolute and relative poverty. Traditionally, absolute poverty was the subject of attention but, in affluent societies, poverty is usually considered in the relative sense. In classical political economy, poverty usually meant a standard of living lower than the subsistence level, which just maintains the population at its given size. The necessary goods which compose the subsistence can be different depending on time and place.

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