Jim Yong Kim says World Can End Extreme Poverty and Increase Shared Prosperity

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worldbank.org/en/news/video/2013/04/02/jim-kim-world-can-end-extreme-poverty

The World Bank Group President Jim Yong Kim outlined a bold agenda for the global community toward ending extreme poverty by 2030 and promoting shared prosperity to boost the incomes of the poorest 40 percent of the population. In a speech at Georgetown University, Kim urged developing countries, donors, and development partners to work together to support equitable and inclusive growth, especially in fragile and conflict-affected states, and to fight climate change.
 
Robert_Sock said:
worldbank.org/en/news/video/2013/04/02/jim-kim-world-can-end-extreme-poverty

The World Bank Group President Jim Yong Kim outlined a bold agenda for the global community toward ending extreme poverty by 2030 and promoting shared prosperity to boost the incomes of the poorest 40 percent of the population. In a speech at Georgetown University, Kim urged developing countries, donors, and development partners to work together to support equitable and inclusive growth, especially in fragile and conflict-affected states, and to fight climate change.
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Supporting a market economy, private ownership, and freedom, in developing nations would be a big help.
 
JimG said:
Supporting a market economy, private ownership, and freedom, in developing nations would be a big help.
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Very good points you raised, but you forgot education… because through education for the children of these poor countries you will find better self hygiene , which in turn creates better health , and it is proven that these children then have fewer babies which in turn lowers the population levels… one thing leads to another in improving these people…
but the one thing that is hardest to beat… is dictators that rule a country…
 
I voted “yes.” But I think it would take an unprecedented cooperation and altruism of all governments, large corporations and industries and educators. There’s already enough food on this planet to feed everyone!!! Quality education is a must.
 
Robert…in a perfect world your theory would definitely have merit, but we don’t live in a perfect world… Just feeding people in impoverished countries would achieve nothing more than continue what already exists… Real change comes through education, a proven fact with real results in Indonesia and India… People must learn to help themselves through education, plus some countries just can’t be helped because of there form of governance …
North Korea just one example of many…
And yes I agree with your statement …
 
In some areas, it seemed that Mr Kim had definite plans for implementation; in others, more like directions. Overall, it seems like he has a good grasp of the problems in many areas which experience extreme poverty; he mentioned infrastructure as well as some other things.

He also mentioned that eradicating the remaining extreme poverty (people living on less than $1.25/day) would be more difficult than what has already been accomplished, because those whom it is easiest to help have now been helped and we are left with the more difficult situations.

These measures may help. Micro-loans will help. People sending families chickens will help. 🙂 Parished getting together and sending a village a well will help.

So, I guess we will see what happens…
 
JimG said:
Supporting a market economy, private ownership, and freedom, in developing nations would be a big help.
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So would regulating labor practices in those countries, and establishing a “living wage” mandate.
 
brjoseph said:
So would regulating labor practices in those countries, and establishing a “living wage” mandate.
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Great. So while we’re trying to create industry and a stable economic situation, we already have some calling for a “living wage.” What happens if the “living wage” is unattainable and things fall apart because of it; is that better?
 
I think one needs to consider the definition of a living wage. In China, according to an article I read, less than $1.25/day also means having fewer than 1000 calories per day. I think some fast food meals have more than 1000 calories!

So if the government makes a minimum wage of $1.25/day, people living on that or less will aplly for those jobs. Those who are hired will no longer be living in extreme poverty.

At $1.25/day, many people will be hired as industry comes in for the cheap labor.

If the government makes the minimum wage $2.25/day, businesses won’t be able to hire as many people, and fewer foreign companies will come it, other things being equal.

So, there are a lot of considerations when it comes to establishing a minimum wage.

Even in the US, the minimum wage causes problems.
 
As I stated numerous times before, it starts with good education and decent paying jobs. Governments and large corporations need to invest in the 2.4 billion people living on less than $2.00 (USD) per day. Theres a huge potential here, and it needs to be tapped into! It’s to everyone’s advantage! How can so many people, many of them Catholic, continue to turn a blind eye?
 
Robert_Sock said:
As I stated numerous times before, it starts with good education and decent paying jobs. Governments and large corporations need to invest in the 2.4 billion people living on less than $2.00 (USD) per day. Theres a huge potential here, and it needs to be tapped into! It’s to everyone’s advantage! How can so many people, many of them Catholic, continue to turn a blind eye?
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Government and large corporations can’t even provide for the 330 million people here in the United States. How do you think that they can “invest” in 2.4 billion people?
 
Timothysis said:
Government and large corporations can’t even provide for the 330 million people here in the United States. How do you think that they can “invest” in 2.4 billion people?
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They must see that it’s a capital investment that will increase profits and promote a super strong economy; everyone stands to gain. If a free market economy cannot achieve these goals, then it’s time to look at other economic structures. Socialism in China seems to be doing a good job with extreme poverty, and communistic Cuba also. Not that I’m suggesting either of these economies, but there may be something to learn from them!
 
brjoseph said:
So would regulating labor practices in those countries, and establishing a “living wage” mandate.
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Back in 2011, McDonalds hired 62,000 people. Over 1 million people applied for these jobs. That’s a 6.2% acceptance rate – about the same as Harvard University in fact – and it’s probably lower lower because “at least 1 million people applied”.

These are minimum wage jobs and it shows that there are plenty of people willing to work, if they could find jobs. But with minimum wage laws, instead of companies having the opportunity to bid for these people at lower wages, the job seekers are shut out of the labor market.

It’s simple supply and demand economics. There are x number of jobs available at the minimum wage, if the number of those willing to work at that wage exceeds the number of jobs available at the minimum wage, then some will not be able to find jobs. Market wages, as opposed to government controlled lower bound wages, means more firms will be able to bid for workers, until the market clears.

As the Wall Street Journal pointed out in 2010:

“A higher minimum wage has the biggest impact on those with the least experience or the fewest skills. That means in particular those looking for entry-level jobs, especially teenagers. And sure enough, as nearly all economic models predict, the higher minimum has wreaked havoc with teenage job seekers, well beyond what you would expect even in a recession.”

And that’s exactly what happened when the minimum wage rose by 41% between 2007 and 2009 – it had a disastrous effect on teenagers. The jobless rate for 16-19 year olds increased by ten percentage points, from about 16% in 2007 to more than 26% in 2009.

**Bottom Line: **Artificially raising wages for unskilled workers reduces the demand for those workers at the same time that it increases the number of unskilled workers looking for work, which results in an excess supply of unskilled workers. Period.
 
Erich said:
Back in 2011, McDonalds hired 62,000 people. Over 1 million people applied for these jobs. That’s a 6.2% acceptance rate – about the same as Harvard University in fact – and it’s probably lower lower because “at least 1 million people applied”.

These are minimum wage jobs and it shows that there are plenty of people willing to work, if they could find jobs. But with minimum wage laws, instead of companies having the opportunity to bid for these people at lower wages, the job seekers are shut out of the labor market.

It’s simple supply and demand economics. There are x number of jobs available at the minimum wage, if the number of those willing to work at that wage exceeds the number of jobs available at the minimum wage, then some will not be able to find jobs. Market wages, as opposed to government controlled lower bound wages, means more firms will be able to bid for workers, until the market clears.

As the Wall Street Journal pointed out in 2010:

“A higher minimum wage has the biggest impact on those with the least experience or the fewest skills. That means in particular those looking for entry-level jobs, especially teenagers. And sure enough, as nearly all economic models predict, the higher minimum has wreaked havoc with teenage job seekers, well beyond what you would expect even in a recession.”

And that’s exactly what happened when the minimum wage rose by 41% between 2007 and 2009 – it had a disastrous effect on teenagers. The jobless rate for 16-19 year olds increased by ten percentage points, from about 16% in 2007 to more than 26% in 2009.

**Bottom Line: **Artificially raising wages for unskilled workers reduces the demand for those workers at the same time that it increases the number of unskilled workers looking for work, which results in an excess supply of unskilled workers. Period.
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Better education and more decent paying jobs!
 
Timothysis said:
And where do you propose these more decent paying jobs come from? They don’t just fall out of the sky.
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Again, and again, I’ve stated that governments and large corporations need to invest in the some 2.4 billion people living on less than $2.00 (USD) per day. They are a rich source of capital gain, and a little investment now will pay rich dividend a little on down the road. What could be better for the economy than expanding businesses throughout the world?
 
Robert_Sock said:
Again, and again, I’ve stated that governments and large corporations need to invest in the some 2.4 billion people living on less than $2.00 (USD) per day. They are a rich source of capital gain, and a little investment now will pay rich dividend a little on down the road. What could be better for the economy than expanding businesses throughout the world?
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And again I say that governments that can’t even manage now and corporations that are limiting positions are not the ones who are going to be able to invest in 2.4 BILLION people. What does that even mean, to invest in 2.4 billion people? Do you know how many of the poor live in isolated areas of countries like Bolivia, Peru, Guatemala, and Brazil, just for an example? How is anyone going to invest in anything in places like Sudan and Ethiopia? And what of the fact that most are probably illiterate? You can’t just take uneducated adults and suddenly educate them. How is this supposed to work?
 
Timothysis said:
And again I say that governments that can’t even manage now and corporations that are limiting positions are not the ones who are going to be able to invest in 2.4 BILLION people. What does that even mean, to invest in 2.4 billion people? Do you know how many of the poor live in isolated areas of countries like Bolivia, Peru, Guatemala, and Brazil, just for an example? How is anyone going to invest in anything in places like Sudan and Ethiopia? And what of the fact that most are probably illiterate? You can’t just take uneducated adults and suddenly educate them. How is this supposed to work?
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Educate the children. 🙂
 
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