Roger Pielke's blog highlights an important insight: Growth is good:
Quote:
The figure above comes from a recent, excellent paper by Martin Ravallion, The Idea of Antipoverty Policy, which shows a dramatic acceleration in the reduction of global poverty since 1950,
Ravallion makes two observations based on the graph (of which he notes, "Neither observation has been made before to my knowledge"):
The middle of the 20th century saw a marked a turning point in progress against poverty globally. Figure 2 plots two series for the $1 a day poverty rate, from Bourguignon and Morrisson (2000) and Shaohua Chen and Ravallion (2010). There is a long list of data problems in these sources and their comparability. However, these are the best estimates we have, and the comparability problems are unlikely to alter two key observations from Figure 2: First, the incidence of extreme poverty in the world is lower now than ever before. While there have been calls to end extreme poverty at various times during the last century or so, they are surely now more credible than ever. Second, the time around 1950 saw a turning point, with significantly faster progress against extreme poverty.More @ Roger Pielke Jr.'s Blog: Global Poverty Rates and Economic Growth:
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