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An Unbiased Pareto Improvement strategy for poverty alleviation

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  • Zaman, Md Monowaruz
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    Abstract

    There are historical and institutional reasons behind our economic problems like poverty and environmental damage but it is not acceptable if they persist in years to come. The strategic use of information by individual economic agents establishes a biasing effect on our economy. In case of poverty, economic efforts of poor people are continuously undervalued and therefore, true welfare across an economy cannot be achieved without protecting the poor people for their immediate economic needs and simultaneously counteracting the biasing forces. This article describes an Unbiased Pareto Improvement (UPI) strategy to be implemented across an economy and eventually across the world to solve poverty problems. This strategy describes making business opportunities involving poor people as well as helping government to set up pro-poor economic policies and infrastructures. A new indicator RICR (Real Income to Contribution Ratio) is introduced to measure its performance.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27800.

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    Date of creation: 31 Dec 2010
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    Handle: RePEc:pra:mprapa:27800

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    Related research

    Keywords: Bangladesh; Economics of information; micro credit; micro finance; Pareto improvement; poverty; social business; real income; Yunus;

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    1. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    2. G. Hodgson., 2007. "What Are Institutions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    3. Joseph E. Stiglitz, 2000. "The Contributions Of The Economics Of Information To Twentieth Century Economics," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1441-1478, November.
    4. Joseph E. Stiglitz, 1991. "The Invisible Hand and Modern Welfare Economics," NBER Working Papers 3641, National Bureau of Economic Research, Inc.
    5. Greenwald, Bruce C & Stiglitz, Joseph E, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 229-64, May.
    6. Zaman, Md Monowaruz, 2007. "The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'," MPRA Paper 1306, University Library of Munich, Germany, revised 02 Jan 2007.
    7. Geoffrey M. Hodgson, 2007. "Meanings of methodological individualism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 14(2), pages 211-226.
    8. Ng, Yew-Kwang, 1984. "Quasi-Pareto Social Improvements," American Economic Review, American Economic Association, vol. 74(5), pages 1033-50, December.
    9. Zaman, Md Monowaruz, 2008. "Welfare dynamics based on a new concept of inefficient equilibrium," MPRA Paper 11303, University Library of Munich, Germany.
    10. Paul Krugman, 1992. "A Dynamic Spatial Model," NBER Working Papers 4219, National Bureau of Economic Research, Inc.
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