This is a timeline of years spent in Africa on its poverty and how the world population is increasing by a million each year and their prices rising by the second.
When poverty is seen in absolute terms, then steadily increasing standards of living across an entire population will be sufficient to eventually eliminate poverty. The rate at which poverty is eradicated would be determined by the rate at which the incomes of those people living in poverty, including social security provisions, increase. Often, general increases in standards of living are linked to the level of economic growth. Therefore, it is often argued that steady levels of economic growth will be sufficient to eventually eliminate poverty.
A relative approach would identify poor households as those whose incomes (or more broadly, the economic resources they command) fall significantly below the average level of income in the economy. Relative poverty captures a sense of “economic distance” and injustice in society. Relative definitions of poverty begin to take on board issues of social cleavages and economic distinctions between different groups. This definition of poverty will change with economic growth and reflects the shifting norms of society with respect to basic needs as an economy develops. Unlike the case of absolute poverty, rising standards of living will not be sufficient to eliminate relative poverty if the resources available to the wealthy increase at a faster rate than the resources available to the poor.
A relative approach would identify poor households as those whose incomes (or more broadly, the economic resources they command) fall significantly below the average level of income in the economy. Relative poverty captures a sense of “economic distance” and injustice in society. Relative definitions of poverty begin to take on board issues of social cleavages and economic distinctions between different groups. This definition of poverty will change with economic growth and reflects the shifting norms of society with respect to basic needs as an economy develops. Unlike the case of absolute poverty, rising standards of living will not be sufficient to eliminate relative poverty if the resources available to the wealthy increase at a faster rate than the resources available to the poor.