Science Journal of Public Economic Theory
Economics is not rocket science. It was sometimes defined as the study of a particular phenomenon called demand and supply. All the efforts or work that society does in order to meet the demand for different necessities of life comes under economics. Economics impact the society in various aspects. People assume this as a branch of social science, which to a greater extent helps in evaluating. This includes the impacts of development in society. Economics of late has evolved to a significant extent. Today globalization has an impact on the economy of the world in a positive and effective fashion.
Economics pretty much deals with availability of resources. As well as its proper utilization. However, there had been a proper utilization of resources. More than 30% of world’s population would not have been reeling under poverty. Accumulation of the world’s more than half of the wealth in the hands of few thousand people. Which is also attributed to poverty. The difference between rich and poor is getting wider. It also gets clearer with time. A sharp rise is witnessed by wealthy people whereas poor is getting poorer.
The issue of poverty has always been a top priority on the agenda of world leaders
Poverty is deep rooted within our society. Efforts to eradicate the menacing problem over time have reaped sour fruits. The condition remains quite the similar. I personally feel that to eradicate or even think of minimizing the unfavorable condition. It is quite suitable to get answer for certain questions.
Why does poverty even exist? How much poverty is there? Recognizing the problem as well as considering it as significant. This is the first step towards the solution.
Poverty is a global phenomenon. It has also been a vital part of society. I think it will remain if only the proper steps are not taken to eliminate or even reduce it. A clear and suitable process needs to become adopted. In order to minimize the effects of the problem as much as possible. In my view, it is the root cause of poverty. As well as lack of resources among people is the ever increasing population. As a matter of fact the world population has almost doubled in last few decades. This has led people to suffer on account of lack of resources catering to basic needs.
Poverty and population explosion
These go hand in hand. Until suitable measures are not taken to control the later. It will remain extremely difficult to reduce. However a positive, progressive political will on global stage can certainly improve the people living in poverty. Pro-poor policies and making available resources of basic needs on negligible prices. It is possible that the first step in order to make sure that basic needs are met with suitability.
Destitution is a predicament. To think it is only in developing or third world countries is to quite an extent correct and forms ground. Over the years, developed countries have reduced poverty to a certain extent. Maximum poverty is concentrated in under-developed countries. It becomes the duty of developed nations to help such countries with finances. Help fighting the nemesis of humanity also supplies to this. External development help should remain continued as long as it’s possible. Every rich country should try to take responsibility. They should help fight poverty of one poor country.
Over the decades, it has contributed quite beautifully to the mess that is called poverty. Science commerces of almost half of wealth lying in the hands of few is from no stretch of imagination suitable for society. The irony is that wealthy individuals own funds that is uncountable. Whereas on the other hand. Penurious people do not even have funds for basic things like food and health. This is quite an ironical situation. Humanity demands that wealthy individuals should come forward. They should donate money to help society eradicate poverty.
The government should also take some stern and austere measures. They should come with policies to discourage wealth accumulation. Schemes should abide to encourage philanthropy. More individuals should come forward. As well as stretch a helping hand to reduce. Society slowly eradicated the most unfavorable condition faced.