[:en]Angus Deaton on US poverty – E pur si muove! [:]
It is certainly welcome news to be able to write a positive follow up. Without mentioning either Adam Smith or neo-classical economics by name, Deaton has put a huge dagger into their backs in an op-ed article in New York Times (Note 1). He categorically states ‘…it is time to stop thinking that only non-Americans are truly poor.’ Trickle down and work incentives simply do not prevent extreme poverty and if they do not prevent it in US they…