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Foster–Greer–Thorbecke Indices
The Foster–Greer–Thorbecke indices are a family of poverty metrics. The most commonly used index from the family, ''FGT2'', puts higher weight on the poverty of the poorest individuals, making it a combined measure of poverty and income inequality and a popular choice within development economics. The indices were introduced in a 1984 paper by economists Erik Thorbecke, Joel Greer, and James Foster. The individual indices within the family are derived by substituting different values of the parameter ''α'' into the following equation: FGT_\alpha=\frac \sum_^H \left(\frac \right)^\alpha where ''z'' is the poverty threshold,'' N'' is the number of people in the economy, ''H'' is the number of poor (those with incomes at or below ''z''), ''yi'' is the income of each individual ''i. ''If \alpha is low then the FGT metric weights all the individuals with incomes below z roughly the same. The higher the value of ''α, ''the greater the weight place on the poorest individuals. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Measuring Poverty
Poverty is measured in different ways by different bodies, both governmental and nongovernmental. Measurements can be absolute, which references a single standard, or relative, which is dependent on context. Poverty is widely understood to be multidimensional, comprising social, natural and economic factors situated within wider socio-political processes. The capabilities approach argues that capturing the perceptions of poor people is fundamental to understanding poverty. The main poverty line used in the OECD and the European Union is a relative poverty measure based on 60% of the median household income. The United States uses an absolute poverty measure based on the U.S. Department of Agriculture's "economy food plan", adjusted for inflation. The World Bank also defines poverty in absolute terms. It defines '' extreme poverty'' as living on less than US$1.90 per day. ( PPP), and ''moderate poverty'' as less than $3.10 a day. It has been estimated that in 2008, 1.4 bill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Inequality
There are wide varieties of economic inequality, most notably income inequality measured using the distribution of income (the amount of money people are paid) and wealth inequality measured using the distribution of wealth (the amount of wealth people own). Besides economic inequality between countries or states, there are important types of economic inequality between different groups of people. Important types of economic measurements focus on wealth, income, and consumption. There are many methods for measuring economic inequality, the Gini coefficient being a widely used one. Another type of measure is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations. Income inequality between nations peak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Development Economics
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Common topics include growth theory, poverty and inequality, human capital, and institutions. Unlike in many other fields of economics, approaches in development ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Erik Thorbecke
Erik Thorbecke (born February 17, 1929) is a development economist. He is a co-originator of the widely used Foster-Greer-Thorbecke poverty measure and played a significant role in the development and popularization of Social Accounting Matrix. Currently, he is H. E. Babcock Professor of Economics, Emeritus, and Graduate School Professor at Cornell University. Biography Thorbecke was born into a prominent Dutch family. His great-grandfather Johan Rudolf Thorbecke virtually singlehandedly drafted the revision of the Constitution of the Netherlands and served as Prime Minister of the country on three occasions. His father Willem J. R. Thorbecke was a professor and served as an ambassador to China. His mother Madelaine Salisbury's great grandfather Fernando Wood was a Mayor of New York City. He married Charla J. Westerberg in 1954 and is the father of three sons. Thorbecke spent his early years in Europe. He was a student (1948–51) at the Netherlands School of Economics (now pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joel Greer , a community in the United States
{{disambiguation, hn, geo ...
Joel or Yoel is a name meaning "Yahweh Is God" and may refer to: * Joel (given name), origin of the name including a list of people with the first name. * Joel (surname), a surname * Joel (footballer, born 1904), Joel de Oliveira Monteiro, Brazilian football goalkeeper * Joel (footballer, born 1980), Joel Bertoti Padilha, Brazilian football centre-back * Joel (prophet), a prophet of ancient Israel ** Book of Joel, a book in the Jewish Tanakh, and in the Christian Bible, ascribed to the prophet * Joel, Georgia, a community in the United States * Joel, Wisconsin The Town of Clayton is located in Polk County, Wisconsin, Polk County, Wisconsin, United States. The population was 571 at the 2000 census. The Clayton (village), Wisconsin, Village of Clayton and the unincorporated communities of Joel and Richard ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Foster (economist)
James Eric Foster (born November 4, 1955) is Professor of Economics and International Affairs at the George Washington University, in the Elliott School of International Affairs, researching welfare economics and poverty measurement. He is known for developing the Alkire Foster Method, with University of Oxford professor and OPHI Director Sabina Alkire. He is a board member for the World Bank. Career He received his Ph.D. in Economics from Cornell University where he received the Selma Fine Goldsmith Award for his dissertation. He has also taught at the Krannert School of Management at Purdue University, along with Vanderbilt University. James Foster and Sabina Alkire developed the Alkire Foster Method for Multidimensional Poverty Measurement, a measurement that allows for a more holistic approach to identifying poverty globally, taking into account dimensions like health or education, in a departure from traditional income methods. Today, dozens of countries have adopted th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrica
''Econometrica'' is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief is Guido Imbens. History ''Econometrica'' was established in 1933. Its first editor was Ragnar Frisch, recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although ''Econometrica'' is currently published entirely in English, the first few issues also contained scientific articles written in French. Indexing and abstracting ''Econometrica'' is abstracted and indexed in: * Scopus * EconLit * Social Science Citation Index According to the ''Journal Citation Reports'', the journal has a 2020 impact factor of 5.844, ranking it 22/557 in the category "Economics". Awards issued The Econometric Society aims to attract high-quality applied work in economics for publication in ''Eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parameter
A parameter (), generally, is any characteristic that can help in defining or classifying a particular system (meaning an event, project, object, situation, etc.). That is, a parameter is an element of a system that is useful, or critical, when identifying the system, or when evaluating its performance, status, condition, etc. ''Parameter'' has more specific meanings within various disciplines, including mathematics, computer programming, engineering, statistics, logic, linguistics, and electronic musical composition. In addition to its technical uses, there are also extended uses, especially in non-scientific contexts, where it is used to mean defining characteristics or boundaries, as in the phrases 'test parameters' or 'game play parameters'. Modelization When a system is modeled by equations, the values that describe the system are called ''parameters''. For example, in mechanics, the masses, the dimensions and shapes (for solid bodies), the densities and the viscosities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty Threshold
The poverty threshold, poverty limit, poverty line or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for the average adult.Poverty Lines – Martin Ravallion, in The New Palgrave Dictionary of Economics, 2nd Edition, London: Palgrave Macmillan The cost of housing, such as the rent for an apartment, usually makes up the largest proportion of this estimate, so economists track the real estate market and other housing cost indicators as a major influence on the poverty line. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries. In October 201 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Headcount Ratio
The head count ratio (HCR) is the population proportion that exists, or lives, below the poverty threshold. One of the undesirable features of the head count ratio is that it ignores the depth of poverty; if the poor become poorer, the head count index does not change. For example, the poverty head count ratio at national poverty line (percentage of population) in India was last reported at 21.9% in 2011. In July 2012, ''The New York Times'' reported the poverty head count ratio as 11.1% of the population of the United States in 1973, 15.2% in 1983 and 11.3% in 2000. See also *Poverty gap index The poverty gap index is a measure of the intensity of poverty. It is defined as the average poverty gap in the population as a proportion of the poverty line. The poverty gap index is an improvement over the poverty measure head count ratio whic ... References {{Poverty-stub Measurements and definitions of poverty Social science indices ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty Gap Index
The poverty gap index is a measure of the intensity of poverty. It is defined as the average poverty gap in the population as a proportion of the poverty line. The poverty gap index is an improvement over the poverty measure head count ratio which simply counts all the people below a poverty line, in a given population, and considers them equally poor. Poverty gap index estimates the depth of poverty by considering how far, on the average, the poor are from that poverty line. Definition The poverty gap index sometimes referred to as poverty gap ratio or pg index is defined as average of the ratio of the poverty gap to the poverty line. It is expressed as a percentage of the poverty line for a country or region. Significance The most common method measuring and reporting poverty is the head count ratio, given as the percentage of population that is below the poverty line. For example, ''The New York Times'' in July 2012 reported the poverty head count ratio as 11.1% of American p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coefficient Of Variation
In probability theory and statistics, the coefficient of variation (CV), also known as relative standard deviation (RSD), is a standardized measure of dispersion of a probability distribution or frequency distribution. It is often expressed as a percentage, and is defined as the ratio of the standard deviation \sigma to the mean \mu (or its absolute value, The CV or RSD is widely used in analytical chemistry to express the precision and repeatability of an assay. It is also commonly used in fields such as engineering or physics when doing quality assurance studies and ANOVA gauge R&R, by economists and investors in economic models, and in neuroscience. Definition The coefficient of variation (CV) is defined as the ratio of the standard deviation \ \sigma to the mean \ \mu , c_ = \frac. It shows the extent of variability in relation to the mean of the population. The coefficient of variation should be computed only for data measured on scales that have a meaningful zer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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