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The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'

Zaman, Md Monowaruz (2007): The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'.

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Abstract

Poverty is an irrevocable curse of our existing institutional structure and a grey area of existing economic theories. The micro-credit can support a mere semi-subsistence economic structure since its targets are those poor people who are dependent on borrowings for their subsistence. The concept of social business described by professor Yunus is insufficient to put “poverty in museums” because the social businesses can not provide the incentives required for the entrepreneurs to stretch their business for the poor people beyond their existing business pace. This article describes an Unbiased Pareto Improvement (UPI) model to steadily integrate the poor people with mainstream economic activities. Eventually the economy will be benefited in terms of new values, welfare and employment opportunities.

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