Does monetary poverty capture all aspects of poverty?
Poverty is a complex concept. A widespread view argues that important aspects of poverty cannot be measured in monetary terms – in fact, to successfully address poverty, we need to measure it in all its facets. The recent release of the 2018 edition of the Poverty and Shared Prosperity Report contains the World Bank’s first attempt at measuring multidimensional poverty at a global level.
Global measures of multidimensional poverty have a rich history, a prominent example being the annual Global MPI produced by the United Nations Development Programme with the Oxford Poverty & Human Development Initiative.