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Poverty traps reinforce themselves
Mainstream economic models assume people are rational. If those in poverty know they won't gain any advantage from working, they're incentivised to continue with government assistance.
When fewer people take on new jobs, the economy slows down, keeping people in poverty.
16
134 reads
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Attempts to remove the feedback loop
Countries have tried various ways to circumvent the problem.
- Some allow an overlap of benefits after finding a job, while others phase out benefits gradually as income increases. These policies remove some financial incentives to work but the risk of the welfare tra...
15
118 reads
Financial stability is overlooked
Some poverty traps are connected to a person's circumstances, such as lack of access to healthy food or education. Others affect entire nations, such as cycles of a corrupt government.
The irony of welfare traps is that they are the result of policies designed to fight poverty
15
144 reads
Government benefit programs unwittingly produce poverty traps
Imagine you're out of work and a government benefit program helps you with your basic needs, such as rent, utilities and food.
When you finally get a job, you feel things are turning around, except that you are now disqualified from the benefit program and don't earn enough to cover the sa...
16
174 reads
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Governmental welfare programs inadvertently reinforce generational poverty. Here’s how they attempt to fix it.
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