#385 - Gurwinder Bhogal - 15 Mental Models To Understand Psychology
Modern Wisdom
The Definition of Poverty and Relative Poverty
Poverty is increasingly understood in two distinct contexts: absolute poverty and relative poverty. Absolute poverty has diminished over time, indicating that even the poorest individuals today have access to basic amenities and technology, such as smartphones and the internet, which were unavailable to many in historical contexts. This suggests overall improvement in living standards, as people today enjoy a greater variety of food and resources. In contrast, relative poverty focuses on income disparity, measuring how much poorer individuals are compared to the wealthiest members of society. This perspective highlights wealth inequality, raising questions about whether it adequately captures the true essence of poverty, potentially leading to a shift in the understanding of poverty itself.
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