We consider a situation where the relatively ‘poor’ are concerned about their relative income status with respect to a relevant reference group. Such a concern is explicitly introduced in a utility function to study the consumption and saving behavior of the poor in terms of a static and...

The impact of education on earnings and thus on poverty works largely through labour market. Along with some other socio economic factors, education does play a crucial role to alleviate poverty. Better educated people has greater probability of being employed, are economically more productive...