EconomicInequality

EconomicInequality - EconomicInequality Chapter to Click 19...

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Click to edit Master subtitle style 6/16/11 Economic Inequality Chapter 19 11
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6/16/11 Course Outline {93B6C7DD-B656-4597-8DAF-0C35C7E5FCD7} Microeconomics troduction is Economics? {C3DD0A5A-CFC5-49DC-BC24-FE6567 A7C25} How Markets Work nd and supply {0A9747AF-81F6-41D9-BF95-F16025A9C 87} Additional Topics holds’ Choice {0B3 EF3F-5 21-4CF4-9038-24F09EDD2BF9} Elasticity ncy and Equity t Actions in Markets s and Markets y and Demand references, and Choices onomic Problem put and Costs ct Competition onopoly istic Competition Oligopoly {3C9F5 56-D8 3-41F3-9 72-CD5140521935} Economic Inequality 22
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6/16/11 Lecture Outline I. Measuring Economic Inequality 1. The Distribution of Income 2. The Income Lorenz Curve 3. Income or Wealth 4. Comparing Inequality: Gini ratio 5. Poverty 6. Problems in Measuring Inequality 7. Equal opportunity: Economic Mobility II. The Sources of Economic Inequality III. Income Redistribution 33
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6/16/11 n U.S. q The census bureau defines a household’s income as money income , which equals market income plus cash payments to households by the government. q Market income equals wages, interest, rent, and profit earned by the household in factor markets, before paying income taxes. n HK q Monthly income from main employment, Monthly household income, post-tax monthly household income, post-tax post-social transfer monthly household income I. Measuring Economic Inequality  44
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6/16/11 n The Distribution of Income q Figure 19.1 shows the distribution of income across the 117 million households in the United States in I.1 Measuring Economic Inequality  55
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6/16/11 q The mode income is the most common income and was about $13,000. q The median income is the level of income that separates the population into two groups of equal size and was $50,233. q The mean income is the average income and was $67,609. I.1The Distribution of Income 66
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6/16/11 I.1 Hong Kong Households income  distribution 2006 77
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6/16/11 q Figure 19.2 shows the distribution of income shares for the United States in 2007. I. 1 Income shares  88
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q In 2007: q The poorest 20% of households received only 3.4% of the total income. q The middle 20% received 14.8% of total income. q The richest 20% received 49.7% of total income. I.1 Measuring Economic Inequality 
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EconomicInequality - EconomicInequality Chapter to Click 19...

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