Econ 104-8 - Econ1048 18:29 Incomeinequality...

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Econ 104-8 18:29 Income inequality Why US inequality has risen? Equalizing institutions/policies after 1930s Unions after 1930s Government spending on social programs Regulating finance The Great U-Turn Anti-tax movement in the 1970s Anti-Union trend, starting with Reagan Deregulation of finance Globalization Loss of worker bargaining power (let’s go to China) Inequality – richest 1% would get 1%.  Average wages and productivity trend: the average wage went down from 1968 until the  mid 90s, but it’s gone up since then. Average person is making 10% less. They are  producing 3 or 4 times more. Poverty and Inequality What is poverty? The state of one who lacks a usual or socially acceptable amount of money or material  possessions. Poverty is said to exist when people lack the means to satisfy their basic  needs. What are people’s “basic needs”?
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This note was uploaded on 10/24/2011 for the course ECON 104 taught by Professor Dolenc during the Fall '08 term at UMass (Amherst).

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Econ 104-8 - Econ1048 18:29 Incomeinequality...

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