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128 sats \ 2 replies \ @SimpleStacker 6h \ parent \ on: [REVIEW] Poor Economics: My Three Takeaways BooksAndArticles
I've never read it, but have a lot of questions
When they say "poor", do they mean the poor people within a rich society, or just poor societies in general?
I think within any society there's always going to be a distribution, and there will always be people who are poor, whose actions are correlated with bad decision making. That's neither surprising, nor possible to eliminate. And the harder you try to eliminate this natural consequence of freedom, the more distortionary and authoritarian you're gonna get
I'm more interested in the possibility of moving the society's average upwards over time, through education and market driven economies
Poor societies in general mostly in developing countries.
Yeah at the end of the book he said on average most people live on $0.99 cents a day if we can get to an inflation adjusted $5 a day in the next 50 or 100 years that would be a massive improvement.
Back in 1000 I wonder what people lived on per day? Probably a lot less than $0.99 a day (adjusted for inflation of course)
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This book, or at least the parts I remember, is largely about how people live in extreme poverty: i.e. what kinds of financial strategies they employ and what keeps them from advancing economically.
I'm pretty sure it was from this book that I realized the immense value of steady income to the very poor and why they will often take a lower average compensation if it pays reliably.
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