Re: Models of Man: poverty and extreme poverty

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Article #2670

#2670

From: Fabrizio J Bonsignore
Date: Sat, 09 Apr 2005 22:23

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Fabrizio J Bonsignore wrote:
> Paupers don't maximize: they just try to stay afloat. Utility in
their
> case is a constant, and its value depends on circumstances they
cannot
> control. Essentially there is no preference hierarchy, they take what
> they can, cannot choose, and only satisfy basic needs, so there is no
> choice...
>
> Fabrizio J Bonsignore, now Danilo J Bonsignore

Paupers cannot afford to take risks under this level of utility
acceptance. Since it is already at the minimum, if the risky situation
fails, they cannot recover, they have no cushion. Paupers are naturally
risk averse, so there is little entrepreneurship...

Fabrizio J Bonsignore, now Danilo J Bonsignore

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From: "Fabrizio J Bonsignore" <fbonsignore@beethoven.com>
Newsgroups: sci.econ,ny.general,dc.general,seattle.general,la.general
Subject: Re: Models of Man: poverty and extreme poverty
Date: 9 Apr 2005 15:23:53 -0700
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