Poverty traps prevent individuals from escaping poverty from "summary" of Poor Economics by Abhijit Banerjee,Esther Duflo
Poverty traps are like quicksand, pulling individuals down and preventing them from climbing out of poverty. Once people are stuck in this vicious cycle, it becomes increasingly difficult for them to break free and improve their economic situation. These traps can take many forms, such as lack of access to education, healthcare, or financial services. Without these essential resources, individuals are unable to acquire the skills and opportunities necessary to lift themselves out of poverty. One common poverty trap is the lack of education. Without a proper education, individuals may struggle to find stable employment or earn a decent income. This lack of economic mobility can keep them trapped in poverty for generations, as they are unable to break the cycle of deprivation and disadvantage. Similarly, poor health can also act as a poverty trap, as individuals who are sick or malnourished may be unable to work or earn a living, further exacerbating their financial struggles. Furthe...
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