Introduction: Poverty in contemporary economic thought

This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book provides presentation of the work of the economists who received the 2019 Prize in Economic Sciences in Memory of Alfred Nobel. It deals almost exclusively with poverty within a nation, with the situation of individuals in society. The book explores the perspective to a comparison between nations, rich versus poor nations, and to the mechanisms which make for differences between national income levels. It identifies and examines what he had to say about the nature, origin, and possible solution of poverty. The book discusses poverty in the context of criticism of socialism, and the authors explain why this is so. It provides a discussion of the causes of poverty and its possible remedies, according to Hayek.