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Well-being dynamics and poverty traps

Barrett, Christopher B., Garg, Teevrat and McBride, Linden (2016) Well-being dynamics and poverty traps. Annual Review of Resource Economics, 8. pp. 303-327. ISSN 1941-1340

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Identification Number: 10.1146/annurev-resource-100815-095235


A sound understanding of poverty traps - defined as poverty that is self-reinforcing due to the poor’s equilibrium behaviors—and their underlying mechanisms is fundamentally important to the development of policies and interventions targeted to assist the poor. We review the theoretical and empirical evidence on single and multiple equilibria poverty traps at the macro, meso, and, especially, micro levels. In addition we review the literature exploring the various mechanisms that have been posited to perpetuate poverty. We find sufficient evidence to support the poverty traps hypothesis, suggesting that policies designed to interrupt those self-perpetuating mechanisms merit serious attention.

Item Type: Article
Official URL:
Additional Information: © 2016 The Authors
Divisions: Grantham Research Institute
Subjects: H Social Sciences > HN Social history and conditions. Social problems. Social reform
Date Deposited: 10 Feb 2016 10:42
Last Modified: 22 May 2024 03:42
Projects: ES/K006576/1
Funders: Economic and Social Research Council

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