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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How can the effect of the poverty trap be reduced?

To determine

Reduction of effect of poverty trap.

Explanation

Poverty Trap is a situation in which the benefits received from the government decrease when people start to earn more income. When the amount of government support is replaced by the amount of extra income earned in such a way that the person receives no net gain for working as an employee results in poverty trap.

The effect of poverty trap can be reduced by the government policies which include; sustained economic growth, reduction in unemployment, progressive taxes, increasing benefits to the poor, reforms in national minimum wage, etc...

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