An early contribution in the 1950s by Nobel Prize-winning economist Simon Kuznets, for instance, noted that at least two forces tended to increase inequality over time. One was the concentration of savings in the upper-income groups; he observed that in the United States the wealthiest 5 percent of the population accounted for close to two-thirds of total savings.
Attempts to understand population growth and the determinants of fertility date as far back as the late 1700s, when Thomas Malthus wrote ‘An Essay on the Principle of Population.’
Postulating that fertility decisions are influenced by women’s opportunity cost of time (Becker, 1960), choice over fertility has been incorporated in more recent times into growth models in order to understand the joint behavior of population and economic development throughout history. The large majority of existing analyses examine individual countries in a closed-economy setting. However, in an era of ever-increasing integration of world markets, the role of globalization in determining fertility can no longer be ignored.
In Project Syndicate, Jeffrey Sachs writes that 'the data revolution can drive a sustainable development revolution, and accelerate progress toward ending poverty, promoting social inclusion, and protecting the environment.'
- Sixty-two percent of the world’s adult population has an account, up from 51 percent in 2011
- In developing economies, account ownership rose disproportionately among adults living in the poorest 40 percent of households.
- Worldwide, account penetration among women rose from 47 percent in 2011 to 58 percent in 2014
Read the full blog post here.