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Counting the PoorNew Thinking About European Poverty Measures and Lessons for the United States$
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Douglas J. Besharov and Kenneth A. Couch

Print publication date: 2012

Print ISBN-13: 9780199860586

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199860586.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 September 2021

Poverty Redefined as Low Consumption and Low Wealth, Not Just Low Income

Poverty Redefined as Low Consumption and Low Wealth, Not Just Low Income

Psychological Consequences in Australia and Germany

(p.363) 17 Poverty Redefined as Low Consumption and Low Wealth, Not Just Low Income
Counting the Poor

Bruce Headey

Peter Krause

Gert G. Wagner

Oxford University Press

This chapter suggests that measures of financial poverty should be based on individuals having low consumption and low wealth, as well as low income. Having set out a case for doing this, it provides revised estimates of poverty based on all three dimensions of economic well-being in Australia. Then, using this extended measure of financial poverty, it reassesses links between poverty and a range of subjective/psychological outcomes relating to life satisfaction, perceived standard of living, personal relationships, and health. After completing the initial analysis for Australia, the robustness of estimates is verified by implementing a similar measure of financial poverty in Germany requiring individuals to have both low income and low wealth to be considered poor. The analyses indicate that poverty, measured in this more comprehensive manner, has worse effects, a wider range of effects, and perhaps more complicated effects than most recent research has admitted.

Keywords:   poverty measurement, consumption, wealth, income, Australia, economic well-being, life satisfaction, standard of living, personal relationships, health

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