Phillips Curve Methodology Is Used On An Information Set Of 35 Years Essay

Pakistan with a population of 182,143,000 in 2013, it is one of the most populated countries in the world, but it is also one of the least developed (poverty in Pakistan) (WHO reference). Poverty is a prevalent issue through out Pakistan: “about one quarter of the population lives below poverty line” (Poverty in paki). Pakistani’s living in poverty being less common in the urban areas, and more common in the rural areas with about half of the rural population still under the category of absolute poverty (Poverty in paki). Poverty in Pakistan and throughout the world impacts the population’s ability to live healthy lifestyles. Without the means to acquire adequate nutrition, health care, and services, these people are unable to meet their individual health needs. Due to the link with poverty and health, it has remained priority in almost all national plans of Pakistan (Pakistan poverty).

Poverty is a major global issue in today’s society. It also has a broad definition as it is very complex and cannot be specifically defined. Poverty is circumstance-dependent. According to Sharif Mohammed, author of Poverty Reduction - An Effective Means of Population Control, “Poverty is a multidimensional condition of human survival, not just a measure of deficiency in income. It is generally defined in relation to a minimum standard of decent living. The levels of living below this are referred to as survival standards. Failure to attain and enjoy the standard is called absolute poverty.” Millions around the world are affected by poverty and it’s an issue that has plagued the globe for centuries. Different

It helps policy makers to assess the different outcomes and make policy changes based on the information from the Philips curve. There are two types of Phillips curves. One is the short-run Phillips curve, which shows the inverse relationship between inflation and unemployment rates. The second is the long-run Phillips curve, which is the straight line that shows the opportunity cost of inflation and unemployment. However, opportunity cost means gain and loss inflation and unemployment are not related in the long run Phillips curve. Many economists argue on whether the Phillips curve is stable or

Poverty is a rampant domestic issue, of that there is no doubt. According to the United States Census Bureau, as of 2015, “there were 43.1 million people in poverty” (Proctor). However, the causes of poverty and how they should be remedied are points of serious contention in the political world. When the divide falls between liberals and conservatives, the left and the right, both sides have their own very different ideologies.

In a closed economy, an expansionary fiscal policy makes the government to trade-off between unemployment rate and inflation in the short run. Government try to fix an equilibrium point to let the national income reach its maximum level. At this point, either the inflation rate or the unemployment rate remains at a relatively low level. However, in the long run, if the government decides to adopt expansionary fiscal policy, it will have little power to control the price, which means it will lose market control. In this case, the stagflation will occur and the Philip curve will be more and more close to be vertical. At this time,

n this weeks lecture “Millennial Development”, Professor Fatmir Haskaj brought up various critical questions of poverty. Two key points in this weeks lecture are ‘measuring poverty’ and ‘globalized microfinance’. Professor Fatmir Haskaj touched on the reading of “Measuring Poverty” by Angus Deaton. This author mentioned there are many ways poverty has been measured throughout time. However, Professor Fatmir Haskaj noted that these were made a long time ago and so they are not up to date to what poverty is now. Poverty has no one definition nor does it have a definitive cause. There are many factors that go into what causes poverty. One that professor mentioned is that the poor subsidize the rich and thus the poor create poverty jobs. In another

Poverty is still a worldwide problem in the 21st century, which urgently needs to be tackled. As one of the rapidly growing and influential nations in the international society, it is significant to look into the poverty alleviation programs of the People’s Republic of China (hereinafter referred to as China) as well as how Chinese institutional factors affect income inequality. Since the world’s economy is highly dependent upon China, it is important and timely to examine what problems and solutions China has in terms of poverty reduction and income disparity between the urban and rural areas.

Amartya Sen presented a path breaking argument for the measurement of poverty. Capability school of thought presented a multi dimensional approach for the measurement of poverty. According to his capability theory, it is not having the capability that causes and brings about poverty. For instance, he suggests that urban poor are deprived because they do not have the capacity to produce adequate incomes to consumer adequate food and nutrition and to make informed decisions and act in such a way that would ameliorate their living standards. Therefore, following Sen’s capability theory, the important elements in describing the urban poverty entail, one’s health, gender, ethnic status, nutritional and educational (Sen, 1992).

“Poverty is the state for the majority of the world’s people and nations.” (Shah, 2014, September 28,). Another definitions as per (Kozier et al., 2014, p.194), poverty includes the limited choices and opportunities that are often associated with low income, that is, limited choices with regard to where people live, food choices and recreational activities.” Therefore, an individual facing several adversities and stigma because of their economic status and or place of residence. Other factors that causes poverty also includes, inequality, equity, sexism, classism, racism, education, social status, jobs and crime rates. In this study, Shah (2014) examines who is responsible for poverty and how the role of the government influences poverty.

The relationship between inflation and unemployment is a topic, which has been debated by economists for decades. It is this debate that has made the opinions about it evolve. In this essay, the controversial topic will be discussed by viewing different economists’ opinions on that according to time sequencing.

Poverty is a complex phenomenon which occurs in the most of societies and communities around the world. Economic scholar, Sirageldin (2000), Manan (1998) and Kankwenda et al. (2000: 11, 63-64) points out that poverty can be identified from inequality income distribution, inability to access basic education, health service, and inadequate productive human resources (poverty Muslim spirit)to build capacity to the poor. This crucial challenge is no exception faced by the Muslim world as well, in particular, the Middle East (Kuran, 2004: 71-72).

The purpose of this essay is to investigate the extent in which poverty, inequality and economic growth are related. These three dimensions are regularly perceived as indices of the complex and multidimensional concept of ‘economic development’. This term is not black and white however: it is a concept that is more than just merely income analysis. Poverty can be broken down into two separate definitions: absolute and relative. Absolute poverty describes the position of an individual who is living on less than $2 per day and is incapable of obtaining the ‘minimum levels of income, food, clothing healthcare, shelter and other essentials’ (Todaro & Smith, 2015). Relative poverty on the other hand compares individuals’ means of living in different societies. Subsequently, levels of relative poverty will differ from country to country, for example, the United Kingdom and China. Inequality represents the uneven distribution of income within a region or country. Finally, economic growth is typically measured by gross national income (GNI). GNI is both the total domestic and foreign output declared by the inhabitants of a country (Todaro & Smith, 2015).

The issue of combating poverty is neither down to the individual nor down to the government. In our survey a clear majority stated that solving the issue of poverty was down to the government and not the individual. However a relative amount of people surveyed also said that it was a mutual responsibility. Many agreed that the government was busy enough already and that individuals would not have enough power to contribute unless they all joined together. Therefore we can conclude that the main responsibility of combating poverty should be put down to not only the government but also the combined efforts of the individuals. These individuals can contribute through group programmes or other NGO’s such as Kiva.

The conventional view of political instability similar to the weak form Fiscal Theory Price Level is that it leads to high inflation due to governments’ reliance on seigneiorage. However, this relationship does not hold true for countries like Pakistan which are low or moderately inflated countries. In this circumstance the predictions of strong form FTPL are more relevant in which price level is determined irrespective of money growth. This is more pertinent when it is analyzed with the predictions of Political Economy of Macroeconomic policy which contextualizes the price level determination without money growth. However political instability is not considered to be a determinant for the calculation of inflation. Inflation is rather considered as a monetary phenomenon.

The book ‘Poverty with Many Faces: a Case Study of Malaysia’ by Ataul Huq Pramanik is one of the results of the hard works that elaborate the issue significantly both in theoretical and practical perspectives. The author is a distinguished economist who has a sound background both from conventional and Islamic perspectives with a special expertise in development, distribution, poverty and public policies. In this book, the issue of poverty and deprivation faced by the individual is discussed to a great extent based on the multi-dimensional factors that are believed to contribute to the