poverty(redirected from poverty of thought)
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povertya situation where a person's income is too low to enable him or her to buy the amount of food, clothing and shelter that are deemed necessary to meet his or her basic needs, that is, some ‘subsistence’ standard of living. Countries have different definitions of what minimum income constitutes poverty and often measure poverty levels as a proportion of average income. High proportions of the populations of DEVELOPING COUNTRIES experience poverty. Governments attempt to combat poverty by encouraging faster ECONOMIC GROWTH and by the redistribution of income. See REDISTRIBUTION-OFINCOME PRINCIPLE OF TAXATION, ABILITY-TO-PAY PRINCIPLE OF TAXATION, PROGRESSIVE TAXATION, SOCIAL SECURITY BENEFITS.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005