Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 28, Problem 14CQ
To determine
Impact of redistribution of points among students.
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Does inequality necessarily suggest unfairness? Explain.
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Why inequality still exist? Discuss your answer.
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Economics: Private and Public Choice (MindTap Course List)
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- Although it is hard to separate the causes of poverty from the effects, there is no doubt that poverty is associated with various economic and social ills. Suppose that you were a policymaker in the government and your goal was to reduce the number of people living in poverty. How would you achieve this goal?arrow_forwardSadie T.M. Alexander (1898-1989) was the first black woman in the U.S. to receive a PhD in Economics (1921). Alexander wrote and spoke extensively on economic and racial justice. She emphasized that black Americans experienced disproportionate income losses during the Great Depression of the 1930s relative to white Americans and that income inequality may have contributed to the Depression: Our economy went into a downward spiral… because our distribution of income was such that the masses had no income to purchase goods and the investors refused to place their income and capital in industry because there was no one with money to buy the products. (Alexander 1945 as cited in Banks 2008). She also objected to high unemployment: She saw it as leading to heightened discrimination against black workers and argued in favor of “the right of all individuals to earn a decent living” (circa 1930s/40s as cited in Banks 2008). Is Alexander’s position on the ethics of labor market and income…arrow_forwardHow is helping someone in the culture of poverty different than helping someone in the true lower class?arrow_forward
- That theories are related to poverty or how the rise in food prices affect the vulnerable population?arrow_forwardWhy would income inequality be as damaging as poverty? Explain each concept.arrow_forwardDiscuss how the wage-schooling locus is determined in the labor market, and why it is upward sloping and concave.arrow_forward
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