Example of a poverty trap from poor economics

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Assignment:

Choose one example of a poverty trap from Poor Economics. Explain the anatomy of this particular poverty trap in words (what causes the S-shape? What are the two Pareto-ranked equilibria?). Now, think about the US context. Could this particular poverty trap occur in the US? If so, please give a concrete example. Be sure to link your example to the anatomy of the poverty trap. If not, explain what prevents such a poverty trap from occurring.

Reference no: EM133543957

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