More Are Poor ~ The Bottom 1.4 Billion...

Shaohua Chen and Martin Ravallion of the World Bank just released a report The developing world is poorer than we thought, but no less successful in the fight against poverty overhauling the World Bank's past estimates of global poverty by using new and better data. As The Economist spotlights in The bottom 1.4 billion, the challenges here are a combination of how to measure and estimate prices paid for equivalent goods, plus what bar is used to define extreme poverty, i.e. is "a dollar a day" too low.