Principles of Economics- Mankiw (5th) 444

Principles of Economics- Mankiw (5th) 444 - 456 PA R T S I...

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456 PART SIX THE ECONOMICS OF LABOR MARKETS government-provided job—a system sometimes called workfare. Another possi- bility is to provide benefits for only a limited period of time. This route was taken in a 1996 welfare reform bill. Advocates of time limits point to the falling poverty rate in the late 1990s as evidence supporting this approach. Critics argue that time limits are cruel to the least fortunate members of society and that the falling poverty rate in the late 1990s is due more to a strong economy than to welfare reform. QUICK QUIZ: List three policies aimed at helping the poor, and discuss the pros and cons of each. CONCLUSION People have long reflected on the distribution of income in society. Plato, the ancient Greek philosopher, concluded that in an ideal society the income of the richest I N 1996 THE U.S. WELFARE SYSTEM UNDER - went a major reform, including the en- actment of time limits on benefits. In the following opinion column, economist Gary Becker evaluates the change in policy.
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