Traditional assessments of progress against poverty and inequality put no explicit weight on increasing the standard of living of the poorest— raising the consumption floor. This public lecture showed that there has been remarkably little progress in raising the world’s consumption floor over the last 30 years. Neither economic growth nor greater coverage of social safety nets in the developing world has helped much in raising the floor. The poorest have seen very little progress. There has, however, been much progress in reducing the number of people living near the floor, and in reducing the numbers below international poverty lines.
This podcast is based on a Development Policy Centre seminar by Dr Martin Ravallion, Edmond D Villani Chair of Economics at Georgetown University.