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Macroeconomic policies, government attitudes towards Inequality - Essay Example

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Macroeconomic Policies, Government Attitudes towards Inequality Macroeconomic Policies, Government Attitudes towards Inequality Answer 1 Effects of Inequalities on the Economic Growth Inequality badly affects the economic growth because due to this there arises different sever problems those affect the growth level…
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Macroeconomic policies, government attitudes towards Inequality
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Download file to see previous pages So, this represents the economic insecurities and unemployment in the economy which reduce the growth level. Those countries which have inequality pattern in the recent years always face fewer opportunities in the future. The basic problem that arises due to inequality is the polarization of society that affects the growth level because in these middle skill jobs are not the part of the employment pool. So, the inequality can be harmful for the economic growth in the long run (Stiglitz, 2012). Polarization of the Labour Force Its mean the disappearance of the middle skill jobs, this is happening for last three decades that the share of middle skill jobs reduced from the employment pool that is the result of recession in the economy. The four important sectors of middle skill jobs like sales, office and administrative workers, operators and production workers have lost their most of the portion from the employment pool. So, the wages and earnings of this area labour force have fallen over the three decades. This term shows the inequality between the top level societies and middle skills societies because the disparity between the wages of the top and middle increased means the wage level of the middle skill jobs have gone down. So, the polarization of the labour force shows that top-level are going to be rich further and more people are moving towards the bottom (as poor as possible) (Needle, 2005). Theories Theories regarding the labour market polarization are; Spatial Polarization Theory and Social Polarization theory (Thornley, 1992). These theories are discussed below; Spatial Polarization Theory A main differentiation in labour market theory is that between the idea of continuity and discontinuity. In general, when this distinction is used for labour market change, it tends to raise the debate between “social polarization” views and “Inequality theory.” The previous perspective begins by mentioning the undisputable shifts in the labour demand. Such process of industrial transformation has occurred in Europe and United States, result to a decrease in the chances that offer for occupational mobility (Thornley, 1992). This process is the selective emigration of urban occupants, in which middle-class (particularly white) families leave, at the beginning to the suburbs and afterward to the villages to become a new rural middle class. This is process of involves two sides one is the supply side and the second is the demand side. However it creates “inequality” between the supply of suitable labour and the newly increasing demand for technical qualifications. This spatial polarization theory is useful in describing the impacts of post industrial change in an area. It is true at a great cost that national minorities are extremely vulnerable to such changes (Thornley, 1992). Social Polarization Theory The segregation process in a society which might arise because of the inequality of income, economic restructuring and so on is called as social polarisation i.e., the distinction which might comprise of several social groups, from high-income to low-income. This social polarization theory deals with the growth of low-skilled services jobs as well as the expansion of elite of higher professionals (Thornley, 1992). ...Download file to see next pages Read More
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