‘Lamenting Cycle of Poverty’: So Few Should Not Determine Future of So Many – Joe Issa
Environmental advocate and philantropist Joe Issa is lamenting the reality of the 80-20 rule of thumb stating it doesn’t have to be so for poverty and inequality as the situation is man-made and therefore, can be improved so that more people can share in the wealth of the nation. Issa was speaking against the background of World Bank figures which show that 80% of the wealth on earth is owned by 20% of its population, following the well known 80:20 rule of thumb which, “a t its core, is a statistical distribution of data that says that 80% of a specific event can be explained by 20% of the total observations,” Investopedia said. Issa, who uses the rule in his business strategies to inform him of where most of the revenue is coming from, said he wished it had no application in poverty and inequality. “Be that as it may, I think the 80:20 distribution is man made and therefore, can be changed if we all play our part,” said Issa, noting that “ global warming can now be added to the m...