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Accounting for the Poor

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  • Robert M. Townsend

Abstract

Economists and other social scientists have long tried to understand the nature of poverty and how poor people make decisions. For example, T.W. Schultz, a Nobel Laureate, former professor of economics at the University of Chicago, and former president of the American Economic Association, spent his career working in development and agricultural economics. In his 1980 Nobel Prize acceptance speech, Schultz suggests that there is some accounting for the behavior of the poor in agriculture. "Farmers, the world over, in dealing with costs, returns, and risks are calculating economic agents. Within their small, individual, allocative domain they are fine-tuning entrepreneurs, tuning so subtly that many experts fail to recognize how efficient they are" ( Schultz 1980 ). Copyright 2013, Oxford University Press.

Suggested Citation

  • Robert M. Townsend, 2013. "Accounting for the Poor," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(5), pages 1196-1208.
    • Handle: RePEc:oup:ajagec:v:95:y:2013:i:5:p:1196-1208
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    File URL: http://hdl.handle.net/10.1093/ajae/aat022
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    Cited by:

    1. Sommarat Chantarat & Chayanee Chawanote & Lathaporn Ratanavararak & Chonnakan Rittinon & Boontida Sa-ngimnet & Narongrit Adultananusak, 2023. "Financial Lives and the Vicious Cycle of Debt among Thai Agricultural Households," PIER Discussion Papers 204, Puey Ungphakorn Institute for Economic Research.
    2. Richard Disney & Andy McKay & C Rashaad Shabab, 2023. "Household inequality and remittances in rural Thailand: a life-cycle perspective," Oxford Economic Papers, Oxford University Press, vol. 75(2), pages 418-443.
    3. C. Rashaad Shabab, 2021. "Local droughts and income risk among Thai households," Review of Development Economics, Wiley Blackwell, vol. 25(4), pages 2084-2112, November.
    4. Disney, Richard & Mckay, Andy & Shabab, C Rashaad, 2023. "Household inequality and remittances in rural Thailand: a life-cycle perspective," LSE Research Online Documents on Economics 121207, London School of Economics and Political Science, LSE Library.

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