Poverty

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  • Poverty is broadly defined as the lack of material wealth, whether in the form of possessions or money. Absolute poverty, also known as destitution, is the inability to meet basic material needs. Relative poverty is the condition of having a standard of living significantly below the median in a society. While many definitions exist, lawyer-economist Louis Kelso claimed that true poverty consists of the lack of ownership of capital instruments, capital being responsible for the bulk of production of marketable goods and services in the modern age. In conformity with Say's law of markets and its application in the real bills doctrine, people do not purchase what others produce with money but with what they produce by means of their labor and capital. Money is ...

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