Based on Simon Kuznet's (1955) famous paper (attached) on income inequality, please provide one argument for income inequality is good or fair and one argument that income inequality is bad or not fair in society.

Based on Simon Kuznet's (1955) famous paper (attached) on income inequality, please provide one argument for income inequality is good or fair and one argument that income inequality is bad or not fair in society.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter33: Income, Income Distribution, And Poverty

Section: Chapter Questions

Problem 4E

See similar textbooks

Related questions

Q: Manager: If I can reduce my costs by $40,000 during this last quarter, my division will show a…

A: Ethics in business is one of the most important things that is required to implement policies in the…

Q: st bottle: econd bottle: $5 ird bottle: $3 urth bottle: $1 Cost of first bottle: $1 Cost of second…

A: In the context of economics, it can be defined as a situation when there is stability in the market…

Q: A five-year-old defender has a current market value of $4,500 and expected O&M costs of $3,000 this…

A: Given that,For Defender Old MachineOld Machine Market Value=$4,500O&M cost this…

Q: Pu P3 P₂ P₁ Qi Q₂ Q Q4 MR MSC тре D a. What price and quantity will the firm in the diagram above…

A: In economics, MSC, MPC, and MR are important concepts that relate to the study of production, costs,…

Q: If a graph of a perfectly competitive firm shows that the MR-MC point occurs where MR (which is…

A: A perfectly competitive market refers to a market in which there are many buyers and sellers dealing…

Q: Question 3. Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A's utility…

A: Utility function

Q: a. Derive the consumer's lifetime budget constraint. b. Obtain the consumer's choice of time spent…

A: In the first period, the consumer's budget constraint is given by:where:c = consumption in the first…

Q: The goal of this exercise is calculating the exact amount of x₁, x, XC

A: The income and substitution effects are two concepts in economics that help explain the change in…

Q: A construction manager just starting in private practice needs a van to carry crew and equipment.…

A: The manager can lease a used van for $3,777 per year. and this lease amount is paid at the beginning…

Q: Suppose the supply and demand equation are given as follow: Demand: Qd=145-2*p Supply: Qs=15+2*p…

A: The equilibrium in simple terms is the state of rest. In economics, When the quantity demanded is…

Q: a. A popular national forest known for having dozens of access points for its well-used hiking…

A: The consumed products by the households, govts and sometimes firms are called goods.Goods can be…

Q: Question 1.12: Taxes on labor income The government lowers the tax rate on labor but government…

A: Taxes on labor influence the incentive of a worker. Imposing taxes reduces the scope of the business…

Q: (a) Using the appropriate graphs, consider the short run impact of a natural disaster that causes a…

A: An intertemporal model is an economic or financial model that takes into account decisions made over…

Q: According to the Islam (2000) article, "Comparative Advantage and Trade Balance in U.S. Agricultural…

A: Comparative advantage is an economic concept that refers to the ability of a country to produce a…

Q: Consider the following information for a country: Consumption Function: C = 100+ 0.8Y Investment…

A: The overall monetary worth of all items/services produced within a nation's boundaries over a given…

Q: Consider now a situation in which the government increases its expenditure in infrastructure such as…

A: The market for loanable funds is a theoretical concept that represents the interaction between the…

Q: Suppose that a particular industry has a four firm concentration ratio of 45 and a herfindaji index…

A: Business economics is concerned with the research and analysis of business finances using economic…

Q: A baseball team has signed a draft pick to a two year contract. The player's expected marginal…

A: Sports economics is a branch of economics that investigates the monetary elements of the sports…

Q: 4. Refer to Figure 13.1. The upper curve (SS) in the figure represents the Price and Costs ($) 10 8…

A: When there is a loss or benefit to society (third party) without being directly involved in it.

Q: Focus on a current media source that narrows in on issues of Free Trade between the the United…

A: Free trade refers to a trade strategy that doesn't confine or restrict the imports or exports. All…

Q: Discuss the grocery store coupon market, and explain why the grocery stores can use price…

A: The grocery store coupon market is a dynamic aspect of the retail industry that allows consumers to…

Q: Chile's per capita GDP rose from $7,709 to $20,208 over 23 years (1985- 2008). Which of the…

A: The Solow model is an economic theory that primarily accounts for economic growth through three…

Q: Suppose a small country, Country X, is considering implementing a Carbon Tax to address…

A: A Carbon tax is a fee imposed on the carbon content of fuels.The tax is levied to reduce carbon…

Q: O Macmillan Learning Suppose the cost of lithium-ion batteries, an input into the production of…

A: In economics, the equilibrium price and quantity imply the point where the demand for a production…

Q: Using the model developed in (1), use a diagram for the market for loanable funds to describe what…

A: The loanable funds market facilitates the interaction between savers and borrowers, determining the…

Q: Price P B T MO E F 0 K Select one: H A. area CIHF. B. area CIGO. C. zero. D. area BJC. D₂ D₂ Refer…

A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium is…

Q: If the required reserve ratio (RRR) in U.S. is 10 percent and you deposit $5,000, which is wired…

A: Using the concept of Money Multiplier - The money multiplier (M) is the inverse of the required…

Q: The marginal private cost of fertilizer production is MPC = 40 + Q, where Q is the amount of…

A: Marginal private cost : MPC = 40 + QMarginal benefit : MB = 340 – 4QMarginal external cost : MEC =…

Q: Write an assessment report on how the COVID-19 pandemic has affected the South African economy and…

A: Evaluation report: impact of the COVID-19 Pandemic at the South African economy and GDP1.…

Q: 2. In 1971, the GDP deflator was 23.94. In 1972, the GDP deflator was 24.98. From this information,…

A: To determine the inflation rate between 1971 and 1972 based on the given GDP deflator values, we…

Q: Businesses in the nation of Islandia have been accumulating cash because they have a pessimistic…

A: GDP is the gross domestic product. GDP is the money value of all goods and services produced in an…

Q: Suppose that Betty's Beads is a typical firm operating in a perfectly competitive market. Currently…

A: In a market with perfect competition, there are lots of sellers providing similar goods. As price…

Q: 3. Briefly explain whether production of each of the following goods is likely to fluctuate more or…

A: During the business cycle, the production of goods can be influenced by changes in economic…

Q: Use the table below to answer the questions. Incomes in Econland Period 1 3 Thomas $50,000 $60,000…

A: Lorenz Curve provides a cumulative percentage of the overall national income level that is plotted…

Q: INTEREST RATE O 25 20 1.5 1.0 0.5 0 0 15 Money Supply known as the Money Demand 30 45 MONEY…

A: Money demand refers to the amount of money that individuals and businesses are willing to hold in…

Q: A wage differential between skilled and unskilled workers exists because skilled workers have higher…

A: Laborers play an important role in the development of any organization. Education, technological…

Q: An example of direct taxes are property taxes. True False

A: Property taxes are a type of direct tax. Direct taxes are taxes that are levied on individuals or…

Q: Question 31 A production possibilities curve that is a straight line results O always exchanging one…

A: PPF stands for Production Possibility Frontier. It is a graphical representation that shows the…

Q: Which of the following is an important role of the Federal Reserve? Responses regulating the supply…

A: The Federal Reserve, often referred to as the Fed, is the central banking system of the United…

Q: a. Define the concept of equilibrium in the foreign exchange market, from an Australian perspective,…

A: The term "equilibrium" in the context of the foreign exchange market describes a situation in which…

Q: Maize Farmer's Co. is considering two parent seed variety for its production of drought resistant…

A: The initial cost for seed X is given as Php 66000 and its annual cost is given as Php 36000The…

Q: Which of the following are necessary in order for price discrimination to occur?. a downward sloping…

A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…

Q: Consider the following one-sided labor search model. - Time is continuous, index by t = [0, ∞). -…

A: Unemployment refers to a situation in which individuals who are willing and able to work are unable…

Q: Discuss

A: The law of return to Scale is a concept in the theory of the firm, which examines how changes in the…

Q: Consider the following 2-player game with incomplete information U D L (0. y) (-1, y) R (1, 2) (0,0)…

A: According to the game theory concept's BNE, each player's strategy is optimal given their personal…

Q: Please continue to solve from Part d to Part e. Thank you

A: Time series data is a type of data where observations are recorded at regular time intervals, such…

Q: Suppose that Barbie Land's economy is in a recession (i.e. there's high unemployment and output is…

A: Monetary policy is a tool used by central bank to change the aggregate demand by changing the money…

Q: a. In the long-run in a decreasing-cost competitive industry, HD EDU's long-run supply curve is…

A: In a competitive constant-cost industry, each firm's long-run supply curve is its marginal cost (MC)…

Q: In the long run, the economic profit for a monopolistic competi Negative we cannot tell Positive…

A: Monopolistic competition is a market structure characterized by many firms producing similar but…

Q: The absolute value of the slope of the indifference curve given the law of diminishing marginal rate…

A: Pareto efficiency refers to a state in which it is impossible to make one individual better off…

Question

Economics
file:///C:/Users/96653/Desktop/kuznets%201
955.pdf
Based on Simon Kuznet's (1955) famous
раper
(attached) on income inequality, please
provide one
argument for income inequality is good or fair
and
one argument that income inequality is bad or
not
fair in society.
(Open the link to view the article)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define income inequality:

VIEW

Step 2: Explain one argument for why income inequality is good:

VIEW

Step 3: Explain one argument for why income inequality is bad:

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Explain how you would create a government program that would give an incentive for labor to increase hours and keep labor from falling into the poverty trap.
Using two demand and supply diagrams, one for the low-wage labor market and one for the high-wage labor market, explain how information technology can increase income inequality if it is a complement to high-income workers like salespeople and managers, but a substitute for low-come workers like file clerks and telephone receptionists.
A group 0f 10 people have the following annual incomes: 24,000,18,000,50,000,100,000,12,000,36,000,80,000,10,000,24,000,16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
What do you think is more important to focus on when considering inequality: income inequality or wealth inequality?
State three ways that the government could reduce income inequality. Briefly explain how these programs would reduce inequality.
briefly describe income inequality in America,
Use quintiles to briefly summarize the degree of income inequality in the United States. How and to what extent does government reduce income inequality?
Briefly discuss the major causes of income inequality. What factors have contributed to greater income inequality since 1970?
4. The Census Bureau recently created a new sup- plemental poverty measure, which defines the poverty threshold as the amount of money that the poorest third of Americans spend on food, clothing, shelter, and utilities. Journalist Robert Samuelson [2010] proposed the following thought experiment: Suppose that all Americans doubled their incomes tomorrow, and suppose that their spending on food, clothing, shelter, and utilities doubled as a result. What would happen to the number of people in poverty ac- cording to this new supplemental measure? Does this strike you as a desirable measure?
As coronavirus deepens inequality, inequality worsens its spread. Explain with comprehensive what the government can do to overcome or at least minimize the problems raised in the article
The graph shows the Lorenz curve for income. In the graph, the second poorest 20 percent of households earn the income certesa OA. 20 B. 5 OC. 9 OD. 14 Click to select your answer Forencio Gasto eatment D KIDEES AUNT DONT CALL HERI WILL TEXT HER AND FIND OUT 18 App XX percent of 18 Appl 100- ASUS 90- 80+ 70- 60- 50- 40- 30- 20- 10+ Tamhner, Rasha Pel Other a Rejane D Stretchmans DI2 HBL) 32-428 10650 Cumulative percentage of income Cumulative percentage of households do
Answer this question under 100 words and draw a Lorenz graph to explain it. In the Financial Times’ article “How the pandemic is worsening inequality” (31 Dec 2020) we can read: “About 600m people work globally in the hardest-hit sectors such as hospitality and retail [...]. In addition, the informal economy has been hard-hit – and that is where some of the world’s most vulnerable workers are employed. [...] At the height of the pandemic-induced surge in unemployment, joblessness among people aged 15 to 24 in OECD countries was 7.5 percentage points higher than the start of this year, whereas among those aged 25 and over it rose by 3.2 percentage points. Pandemic-induced job losses have potentially long-lasting consequences: people who start their career during a recession experience lower earnings for a decade after graduation. [...] Around the world, relatively privileged workers have avoided the worst of the pandemic’s economic impact. Up to 40 per cent of those in the ILO’s top…