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A quarter-century after the empirical growth literature set out to explain why poor countries aren’t catching up with rich ones, cross-country regressions have mercifully gone out of fashion. But in the interim, the core facts have changed.
The world’s poorest people have been getting richer recently. But they remain incredibly poor. The 10 percent of the world’s population still consuming $1.90 or less a day are subsisting on a small fraction of the resources available to people at the US poverty line. So you’d hope that the governments of the countries where they live would be trying to raise their consumption levels. But the reality is more complex.
New results from a famous experiment in Kenya have sparked heated debate over whether lump-sum cash transfers have any long-term benefits for those who get them, or even do harm to neighbors who don’t.
On Wednesday, Angus Deaton published an op-ed in the New York Times that paints a compelling picture of the depth of poverty in America, and the need for more money and more policy attention to fix it. It's a sobering read, and we strongly agree that America’s most destitute deserve far more support. But in comparing US poverty to poverty in developing countries, we think he’s got his numbers wrong.
One of the mysteries of development economics is why more people in subsistence agriculture don't migrate to cities where incomes are much, much higher. New data suggests one answer: when they move, their incomes may not go up as much as we thought.
Over the weekend, Angus Deaton won the Nobel Prize in economics. The previous weekend, the World Bank announced that the global poverty rate dipped below 10 percent in 2015, for the first time in history. These two announcements have an interesting connection.