The Economics of Poverty: Why the Poor Stay Poor

First, an inaccurate assessment of one’s health. At minimum, make sure you’ve completed all the free vaccines. Maternal and child health hospitals usually send free vaccination reminders, so pay attention to those.

Second, not taking education seriously. The consequence is that it becomes very hard to extract valuable information and identify development opportunities from it.

Third, being unable to control your desires. In the early stages of building wealth (snowballing), every single snowflake matters enormously.

Fourth, learning to manage risk. Poor people’s lives are full of risks (extremely low margin for error), and any of them can sweep away your snowflakes at any moment. Be careful how you manage your assets.

Nobel Prize explanation: https://youtu.be/aBTDvlteZcs

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