Poverty: An Indicator of Poor-Performing Socioeconomic System In A Region
Keywords:poverty reduction, developing countries, labour and livelihood, governance and public policy, Aid Effectiveness, Development policies, capacity development
Policies designed for eradication of poverty have not made much progress in most of the developing countries. A plausible reason for policies failure is that these policies were developed with a narrow view of poverty, overlooking that low financial income is an indicator of poverty and not the poverty itself. The paper argues that poverty is basically an outcome of low performance of socioeconomic systems in a region. It is reasoned that a region will not be able to get out of poverty unless its social system is developed, which in turn should encourage a better functioning economic system. Conversely, this translates into the cost of sacrificing certain policy-relevant properties, such as being unable to break the measure down by dimensions to understand their contribution to global poverty. In addition, multifaceted socioeconomic inequality into a poverty measure does not necessarily create an appropriate framework for apprehending inequality in poverty across population subgroups, which is decisive for effective strategy. The strategy for examining socio-economic performance requires an acceptable method of classifying the poor and measuring socio-economic inequities.
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