A paper released by the World Bank in 2014 states that while economic growth is essential for reducing poverty rates, growth by itself is not enough, and efforts to reduce poverty must be complemented with programs that devote more resources to the extreme poor. According to the paper, as extreme poverty declines, growth by itself tends to be less successful at lifting additional people out of poverty because at this point, many still suffering from extreme poverty find it very difficult to improve their lives. Do you agree with this assessment? Why or why not? What fundamental economic concept seems to be at play here?
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