Economists have quarrelled for centuries about the true definition of wealth. Perhaps a more pertinent question, in these globally troubled times as more people risk sliding into poverty, is the one they are asking now: what is the best measure of poverty?
It used to be simple: you were poor if you did not have enough money to live on. The World Bank, which has been tracking poverty by income since 1990 in its World Development Report, reckons a quarter of the developing world scrapes by on $1.25 a day or less.
Yet economists have long agreed that income alone tells only part of the story.
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