Introduction: Poverty is usually means an insufficiency in amount. In Economic poverty usually refers to a deprivation in the income. Living pattern and the spending pattern are normally not preferred while studying poverty. This is because; the living pattern and spending pattern need not necessarily be in accordance with a person’s income.
Adam Smith, the noted philosopher and pioneer of political economy was quoted in Iceland’s book ‘Poverty in America’ as saying “not only the commodities which are indispensable necessary for life, but whatever the custom of the country renders it indecent for creditable people, even of
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