...Name Course title Instructor Due date Economic Inequalities “The Jungle” by Upton Sinclair revolves around a couple that just got married and is celebrating their marriage in a bar, at an area referred to as Packingtown in Chicago. The two who just got married are Jurgis Rudkus and Ona Lukpszaite. The newlyweds and some of their relatives have come to Packingtown in search for a better life, thou it is difficult to secure a job at Packingtown (Sinclair 27). The couple is in debt, and since the visitors at the party are impoverished immigrants, they do not expect any money to be left behind. Jurgis is a young and hardworking man and gets a job as is it applied to Ona’s cousin and brother of Ona’s stepmother. The family decides to combine efforts and buy a house, but with time they realize they were cheated. There are so many hidden charges and also, the house is shoddy and lowly maintained house. It was logical for every member looking for employment to meet up with the increasing cost of life. The father to Jurgis finds a difficult job and is forced to pay the person who helped him get the job a third of the wages given to him. The job was hard and it killed the old man. Due to the struggles, the immigrants risk their life for pay. Pregnant women cannot have enough time to raise the kid; an example is Jurgis wife who only stayed seven days after giving birth. Immigrants are forced into crime and the town is full of corrupt officials. There is a wide margin between the rich and...
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...levels of human and financial capital (Block and Wagner, 2010; Lippmann et al., 2005; Reynolds et al., 2002; Verheul et al., 2010). Concurrently, opportunity entrepreneurship is expected to have a greater potential to foster productivity levels (Block and Wagner, 2010; Wennekers et al., 2005; Wong et al., 2005) by contributing to the technological shocks that neoclassical economists identify as the key drivers of economic growth (Kydland and Prescott, 1982). Although necessity entrepreneurship can potentially contribute to growth too, its economic impact is more likely to be redistributive (Lippmann et al., 2005). The motivation to pursue and engage in entrepreneurship is expected to be influenced by the surrounding socioeconomic conditions, comprising a vast array of contextual factors that may buffer or promote entrepreneurial intentions, motivations, and actions by individuals in a given country (Carsrud and Brannback, 2011; Lippmann et al., 2005; Verheul et al., 2010). Here, we provide a novel empirical study of the influence of economic inequality on the...
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...–Plutarch. Inequality has been a problem for a long time, and every country has some form of inequality. It can be economic, social, and gender. Inequality is an issue, but there need to be poor for there to be rich. The problem is the gap between the rich and the poor. The distribution of wealth is too uneven. The main purpose of this essay is to address the question that many people are asking themselves: is inequality a consequence of too much or too little government intervention. The government intervenes in the economy in four ways. First, it produces public goods and services, such as education, infrastructure, national defense, and health care....
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...Economic Inequality in the United States According to the Gross Domestic Product, also known as GDP, United States was measured the “largest” economy in the world (Mahoney 10/27/2015). However, all Americans do not share the high standard of living in the U.S. Levels of income and wealth inequality have always been high in the United States. While it is ideal for a democratic country like the United States to have political equality, the reality shows that this is not the case; as economic inequality ultimately causes political inequality under the current system of government. Income inequality has not only been prevalent, but has been polarizing further since the 1970s. Currently, twenty-percent of the population takes home 50% of the total income and the top 1% takes home 25% of the income and owns 40% of total wealth (Mahoney, 2015 October 27). While CEOs of the Fortune 100 makes over $14 million a year, an average worker makes $45,230 a year; this is a clear illustration of the income disparity in the United States. Further, it is worth mentioning that such trends are not necessary common; the United States has always had higher levels of income and wealth inequality when compared to other rich democracies (Mahoney, 2015 October 27). The average household income is currently stagnant, which suggest that the average household cannot easily grow economically in the U.S and cannot help close the income inequality gap. In the movie Inequality for All, the manager of Circuit...
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...If we are to decipher economic inequality, there are several stems that create the divide, and one of them is the educational system. In 1779, a suggestion was made by Thomas Jefferson for an educational system that gave citizens one of two categories to fall under, “labor or learning”. Thomas Jefferson believed this method would be helpful in “raking a few geniuses from the rubbish.”(Raceforward) Essentially, the wealthy were categorized to learn prosperous career skills while those not as fortunate would be provided the basics and taught labor work skills. The U.S. still holds on to this antiquated way of thinking and, as a nation, continue to divide people by their economic stature and have private schools for the wealthy and public schools...
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...Of all industrialized and advanced, countries the United States has the most unequal dispersion of income. At a time of significant economic inequality, those with more money should pay more tax than others who make less than half of their earnings, progressive taxation. The gap between CEO pay and the pay of the typical workers has risen dramatically since the Great Recession, as shown in the movie Inequality for all, the typical male worker in 1978 was making approximately $50,000 as to where the typical 1% was making about $390,000 and by 2010 the typical male worker was earning less then he did then where the person at the top earned more than twice as much as he did before. As said by Robert Reich “instead of eliminating the tax on rich people, we should increase it back to level it was in the late 1990’s” due to the fact being that the economy did well back then. When the division between both classes progresses over a precise aspect, it...
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...You might’ve heard that economic inequality in the United States has been rising with the richest 1% of its population percent of the countries annual income.The USA is much higher than in any other developed country in the world including the United Kingdom ,Germany Japan and etc but why is this a problem with the best majority of economist. An international organization quality is bad economy one reason being that it limits opportunities for people with lower incomes to get the education and also it is because consumers to buy the goods and services being produced or business. Service is being produced or business it would go bankrupt but it’s not like the very rich are going to buy 1 million thousand watches.Instead they land a large...
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...effects on economic inequality Maastricht University | | | | School of Business & Economics | | | | Place & date: | 18th November 2014 | | Name, initials: | Große Entrup, Carina | | ID number: | I6096321 | | Study: | International Business | | Course code: | ebc1009 | | Group number: | 46 | | Tutor name: | Emre Ergin | | Writing tutor name: | Kirsty Donald | | Writing assignment: | Main Paper (Task 10) | | number of words: | 1990 | | carina.grosseentrup@maastrichtuniversity.nl Table of Contents 1. Introduction 2. Government intervention 3. Government intervention to reduce income inequality 3.1 In-kind transfers 3.2 Minimum wage 3.2.1 Effects of minimum wage on labour market 3.3 Income tax 4. Conclusion 1. Introduction Although income grew by almost three percent per year for all income classes in the period from 1950 to 1980, the ones that were mostly blessed with the highest income growth were the top earners (McDowell, 2012). Income can differ enormously between the different classes of a society and the range between the top earners and those at the bottom of the society becomes larger and larger. Income inequality is a wide discussed topic by all social classes. The well earning upper-class, people who have to struggle with a minimum living wage and the shrinking middle-class, which has to worry most about its future living situation, are affected by it (Mankiw, 2012). Economic inequality...
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...Income inequality in Turkey and its causes and effects on the Turkish population Maastricht University | | | | School of Business & Economics | | | | Place & date: | Maastricht,08 December 2014 | Name, initials: | Canli, T | ID number: | 6091093 | Study: | International Business | Course code: | ebc1009 | Group number: | 1 | Tutor name: | Pierfrancesco, Guarino | Writing tutor name: | Campbell, Gabriel | Writing assignment: | Main Paper (Task 10) | | | t.canli@maastrichtuniversity.nl Table of Contents 1. Introduction 2 2. Income Inequality and its components 2 3. Gini coefficient and inequality 3 4. Turkey´s economic structure 3 5. Wage distribution in Turkey 4 6. Main causes of inequality 5 6.1 Return on capital and increase of economic input 5 6.2 Relationships between people and social mobility 5 7. Effects on Turkish population 6 7.1 Education, child labor and social mobility 6 8. Possible solutions 7 9. Conclusion 8 10. Works Cited 9 11. Figures 10 12. Tables 10 1. Introduction In the past decades the topic “Economic Inequality” has risen in popularity. The reason for this trend is mostly because economic inequality has risen drastically around the world. There are many forms of economic inequality, e.g. gender inequality, regional disparities, and wage inequality, only to name a few. Thus many politicians are discussing about economic inequality, particularly in Turkey. The largest driving...
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...Globalisation has intensified inequality Globalisation has built a set of prospects for mainly large firms around the world with declines in tariffs or creation of free trade areas (Celik 2010). Although globalisation has increase economic growth substantially it does however also increase the economic and social gap within and between countries. Income inequality in particular is the effect of globalisation through foreign direct investment. According to the World Development Indicators 2005 (World Bank, 2005), the richest country Norway has a per capita income of $43, 400 whereas the poorest countries Burundi and Ethiopia have a per capita income of $90. These show the huge gap between the poorest and richest countries per capita income. These numbers raised the question “Has globalisation led to a greater income inequality or less?” In the article ‘Is globalisation reducing poverty and inequality’, Wade (2004) questions the empirical basis of the neoliberal argument. The neoliberal argument says that the distribution of income between the entire world’s people has become more equal over the past two decades and the number of people living in extreme poverty has fallen. It states that these progressive trends are due in large part to the rising density of economic integration between countries, which has made for rising efficiency of resource use worldwide as countries and regions specialize in line with their comparative advantage. This is partially true as...
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...B-120203019 | 02 | MD.ABUL KALAM AZAD | B-120203023 | 03 | LAMIA AKTER | B-120203036 | 04 | ASIF AL SAIF | B-120203139 | 05 | MAHMUDUL HASSAN | B-120203102 | 06 | MOHAMMAD MEHADI HASAN | B-120203097 | 07 | ROMANA AKTER PRIA | B-120203059 | 08 | MITHUN KUMER | B-120203041 | 09 | MD.ABU SAYED | B-120203026 | 10 | MOHAMMAD RUHUL AMIN | B-120203062 | TABLE OF CONTENTS SL. NO. | PARTICULARS | PAGE NO. | 1 | ABSTRACT | 4 | 2 | INTRODUCTION | 5-6 | 3 | LITERATURE REVIEW | 7-10 | 4 | METHODOLOGY | 11 | 5 | ANALYSIS | 11-21 | 6 | FINDINGS | 22 | 7 | RECOMMENDATION | 23 | 8 | CONCLUSION | 25 | 9 | REFERENCES | 26 | Effects of Public Expenditures on the distribution of income Abstract Income inequality between rich and poor as well as rural-urban...
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...Confronting Inequality In the article “Confronting Inequality” Paul Krugman compares the new millennia to the 1970’s and has many financial stats to back his theory of income inequality. He backs up his claims with facts and figures, but also gives his own solutions to these problems. Krugman states, “ The ugliness of our politics is in large part a reflection of the inequality of our income distribution.” He states that in the 1960’s was that the governments was in place to sere the best interests of society and that many in modern society believe that government only serves “a few big interests”. His other argument is comparing or capital gains tax to that of other countries. Paul backs up his argument,...” very highly trained British employees face an effective tax rate almost 48 percent in France people with 15 percent in the United States”. Another point he made, he quotes Eric Uslaner and Mitchel Brown is, “In a world of haves and have nots those at either end of the economic spectrum have little reason to believe that most people can be trusted... social trust rest on a foundation of economic equality.” This quote makes me think that in his view everyone serves a function. Some more tan others and strive for economic equality is what we base our lives around. We need people to work in Slaughterhouses, build our cars, and clean our sewers. The fear is that people will not do these jobs without a monetary stimulant. How I interpreted Paul Krugman’s response was the...
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...Inequality begins its roots as long ago as humans started roaming this earth. Inequality can be described also as an imbalance, and with such an imbalance in terms of income, wealth, and class prosperity comes income inequality. Income inequality or economic inequality can be described as the imbalance between income of individuals or household within a country or class. When income inequality is brought up or mentioned, most people think about it in regards to the impoverished class and the ultra rich 1% but this is not the case. In a world that is becoming more and more integrated, economic inequality between the middle class and the top 1% is becoming much more relevant and much more of a problem that needs to be addressed. We live in a...
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...Globalization is taken as facilitator of international trade and economic growth. There might be various parameters for the measurement of the connection between globalization, international trade and economic growth that is derived from the mobility of investment, human capital to communication and transportation that fosters interdependency and other forms of economically beneficial and social relationship between countries. In economy each nation sets policy to manage its resources to maximize the benefits of trade for its people. Government makes policy not only concerning trade with other but also the degree to which the state is involved. Government try to optimize it’s production level and try to increase GDP with maximum utilization of available resources. In other hand when trade increases between nations, the allocation of resources will redistribute among goods and pricing where countries can experience different transitional cycle of trades. There will be gains and losses perceived for some input factors from the redistribution of wealth. Many economists in today’s business world agree that globalization provides benefit to individual economies around the world by making markets more efficient, increasing competition and spreading wealth more equally around the world. However, still many others assume that the costs associated with globalization outweigh the benefits, which has caused many problems. Growing income inequality and widening gap between richer and poorer are major...
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...INEQUALITY IN KENYA INTRODUCTION After independence, the few educated Kenyans easily acquired wealth, without competition, and major changes since then has spawned few rich people because this group perfected ways of ensuring that wealth does not leak out, including marrying among themselves. Distribution of benefits of economic growth has been one of Kenya’s biggest challenges in its quest for long term prosperity and stability putting the suitability of the trickle-down economics that Presidents use after coming to power under intense scrutiny. Recent events in Kenya have cast a disturbing light on the depth and complexity of social distress in the country. The conflict arising from the disputed presidential elections has roots in inequality, poverty, poor governance and a host of other issues. However the major underlying issue is clearly the perception of deliberate unfairness and inequality in the distribution of national resources. However it can also be argued that beyond the real biases in resource allocation is the widespread failure of the State due to deliberate policies of retreat compounded by unchecked corruption. Poverty has progressively deepened as the state has reduced its provisioning of social services. This retreat of the state has been coincident with the slow and persistent decline that characterized the country’s economic performance from the 1980’s until the turn of the century. Thus narrowing economic perspectives due to declining economic growth...
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