SS3 Second Term Economics Lesson Note – Economic Development Challenges

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WEEK5:  ECONOMIC DEVELOPMENT CHALLENGES

Poverty

Poverty is general scarcity, dearth, or the state of one who lacks a certain amount of material possessions or money. It is a multifaceted concept, which includes social, economic, and political elements. Poverty may be defined as either absolute or relative. Absolute poverty or destitution refers to the lack of means necessary to meet basic needs such as food, clothing and shelter. Relative poverty takes into consideration individual social and economic status compared to the rest of society.

After the industrial revolution, mass production in factories made production goods increasingly less expensive and more accessible. Of more importance is the modernization of agriculture, such as fertilizers, to provide enough yields to feed the population. Responding to basic needs can be restricted by constraints on government’s ability to deliver services, such as corruption, tax avoidance, debt and loan conditionality and by the brain drain of health care and educational professionals. Strategies of increasing income to make basic needs more affordable typically include welfare, economic freedoms and providing financial services.
Causes of poverty

Poverty is an exceptionally complicated social phenomenon, and trying to discover its causes is equally complicated. The stereotypic (and simplistic) explanation persists—that the poor cause their own poverty—based on the notion that anything is possible in America. Some theorists have accused the poor of having little concern for the future and preferring to “live for the moment”; others have accused them of engaging in self‐defeating behavior. Still other theorists have characterized the poor as fatalists, resigning themselves to a culture of poverty in which nothing can be done to change their economic outcomes. In this culture of poverty—which passes from generation to generation—the poor feel negative, inferior, passive, hopeless, and powerless.

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