Income Inequality: Difference between revisions
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[https://courses.lumenlearning.com/suny-oldwestbury-publicfinanceandpublicpolicy/chapter/government-policies-to-reduce-income-inequality/ by lumen] | [https://courses.lumenlearning.com/suny-oldwestbury-publicfinanceandpublicpolicy/chapter/government-policies-to-reduce-income-inequality/ by lumen] | ||
No society should expect or desire complete equality of income at a given point in time, for a number of reasons. First, most workers receive relatively low earnings in their first few jobs, higher earnings as they reach middle age, and then lower earnings after retirement. Thus, a society with people of varying ages will have a certain amount of income inequality. Second, people’s preferences and desires differ. Some are willing to work long hours to have income for large houses, fast cars and computers, luxury vacations, and the ability to support children and grandchildren. | No society should expect or desire complete equality of income at a given point in time, for a number of reasons. First, most workers receive relatively low earnings in their first few jobs, higher earnings as they reach middle age, and then lower earnings after retirement. Thus, a society with people of varying ages will have a certain amount of income inequality. Second, people’s preferences and desires differ. Some are willing to work long hours to have income for large houses, fast cars and computers, luxury vacations, and the ability to support children and grandchildren. | ||
=====Spreading the Wealth===== | |||
[https://www.imf.org/en/Publications/fandd/issues/2018/03/bourguignon by INTERNATIONAL MONETARY FUND 3/18] | |||
After years of quasi-neglect, economic inequality has taken center stage in the policy debate worldwide. In advanced economies, the apparent impact of globalization and technological change and the cost of counteracting these forces is raising concern. | |||
