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RICH OR POOR?
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RICH OR POOR?  A renowned economist often poses this question to his students: Assuming you want to be rich, which person would you like to be – person A or person B? A. A person in the richest 10 per cent group of a people living in a country from the poorest 10 per cent group of countries in the world B. A person in the poorest 10 per cent group of a people living in a country from the richest 10 per cent group of countries in the world In other words, would you sooner be rich in a poor country or poor in a rich country? |
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poor in a rich country
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When I was a child we lived in many countries. In Spain, on my fathers military salary, we were able to live right on the coast and have servants. In Iceland, same salary, it was a small house on base and we took care of ourselves. Its geography and perspective... I never wanted to be rich. Too much responsibility. LOL What I did want was a nice house, two cars and enough money to pay my bills and afford to live comfortably. I am there, by my own hard work (and that of my husbands) and I believe we sleep well at night.
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The question was posed by Professor Dani Rodrik, a Professor of International Political Economy at Harvard University. Here is his answer: "The correct answer is that a poor person in a rich country is three times better off than a rich person in a poor country (given my definition of what 'rich' and 'poor' mean in this context). It is not even close." However, it is better to be in the top 1 per cent of rich people in the bottom 1 per cent of poor countries than in the bottom 1 per cent of poor people in the top 1 per cent of rich countries.
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