In: Economics
chose one of the topic to write a shot essay (target 500 words) addressing the following: a) summarize the issue, b) discuss the issue from an economics perspective, and 3) if you were a policy maker today, how would you use economic tools/policy to address the issue.
Poverty
Niger and Democratic Republic of Congo the most noticeable countries having maximum poverty. Nigeria having 46.7% of the population is extremely poor, and in Congo 77% of the population is extremely poor !! First of all the most important thing is all these topics are interrelated in depth which will be explained further.
What is poverty? In a person 's respect when an individual is not able to live a minimal standard life that is denoted as poor. "A person who is not able to sustain a dignified life is called as poor " by J. Hepworth. Poverty is not a singular issue it is also an interlink to other societal problems, we hear a lot of crime related issues in African countries. Yes, that is what I mean. When an individual is not able to sustain a respectful life through a legal way he or she may opt a corrupt option. Burglary, Murder, chain snatching, loots are some major issues registered in Nigeria. The indicators are not just restricted to the crimes but the self health issues also. Most of the new diseases also takes place and are visible in African countries. the lack of medical infrastructure in Africa is somewhere responsible of this issue which is again rooted with poverty. All these vicious issues are moralizing Africans to leave the country.
The economical effects of a poor country over the remaining countries are mentioned. A UN report says that every year more than a 100,000 intruders enter the UK boundaries through different techniques. These illegal immigrants are none other than the next door neighbours which have poor GDPs and less resources, the economic difference created by these outsiders is effected on the unregistered earnings earned by them. These issues may relate to the illegal immigrants but the root cause in poverty.
The poor countries are also directly harmful to the world economy. How?
The superpowers, the trade heroes, the ammunitions experts are all those countries who are not economically backward, they have a specialized resource which they are expert in and achieving maximum economies of scales. In the scenerio when a poor country comes into existence its resources are not best utilized whereas these resources are added to the world assets. So the bad performance of a country affects the world economic growth, as well as the burden to the other countries just using their precious resources and not giving that much worthy assets in return.
Well the poverty is an issue from the base which can be treated with certain measures, if taken worldwide it will show results fast and if accepted at country level can also affect but slowly. Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime” is a quote from the Chinese philosopher Lao Tzu. This famous saying is mentioned to understand that taking unsustainable measures would not be a permanent solution to the problem.
The policies like educating the poor population at government's priority is a good step which can help a poor to know know to work and earn, the second basic issue that is to be solved is limiting the future generation. The control over population is must to get less but qualitative life. Another worldwide step could be making immigration free for everyone. It is psychologically noted that everyone is not intentionally poor some are willing to upgrade but lack of resources hold their hand. opening up immigration would make them use the resources more effectively and give them a growth opportunity.