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Market Failure Poverty and Income Inequality

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Market Failure: Poverty and Income Inequality
Donna Butler
South University Online
ECO2071 Principles of Micro-Economics
Week 5, Assignment 1
Professor Brandt
May 29, 2015

Market Failure: Poverty and Income Inequality Every country in the world needs basic information on the residents that live there. This information is needed for planning, for development and for trying to improve the quality of life for those residents. In order to have good planning, reliable, accurate, detailed information and information that is up-to-date needs to be gathered. This is one of the things that the census does. It gathers information for many different reasons and uses. The information is used to make it possible to plan better services, solve existing problems and to improve the quality of life. The statistical information that is gathered is very essential for the democratic process because it enables the citizens to look at and examine the decisions that are made by the government and the local authorities. From this information citizens can decide if they are serving the public that they are meant to be helping. The information from the census also provides detailed statistics that are very important for communities and for businesses. The Census Bureau also reports the poverty data from several major household surveys. The census reported that in 2010 the poverty rate in the US was 15.1%. The report also showed a shocking decline of household incomes during the worst jobs crisis since the Great Depression of the 1930s. Along with a decline in income, the number of people without health insurance increases as well. In the article written by Alyssa Davis, “Don’t Blame the Poor for the Faults of Our Economy” she states, “The truth is that the economy the poor are working in—an economy which has grown more and more unequal over the last several...

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