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Inequality in the UK its effect on the national economy - Essay Example

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Most policies on poverty reduction and economic empowerment have ignored or underplayed the importance of income distribution to economic growth. This paper explores the subject of inequality with an emphasis on the nature and scope of inequality in the UK…
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Inequality in the UK its effect on the national economy
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Inequality in the UK its effect on the national economy

Download file to see previous pages... Why should economists care about inequality in the distribution of incomes?
Poverty and economic inequality are intimately bound with one another both as a policy or an analytical issue. Economic well-being and income distribution are related as demonstrated in the societal understanding of justice and human rights, and, therefore, render economic equality an intrinsic value. High levels of economic equity are associated with desirable social outcomes especially in the realms of health and crime (Andrew and Meen2006).
The EU defines poverty as living on less than half the average national income, as such, irrespective of the average income, the greater the income inequality, the higher levels of poverty in a country. The definition of the extent of poverty depends on both the level of a society’s income and the distribution of income. Therefore, societal standards or norms of essential needs in a society are determined by the middle class (Brueckner, Thisse and Zenou 1999). In the case of two societies where the bottom segments have the same level of income, poverty is more prevalent in the in the society where income is more unequally distributed. The bottom quintile of the unequal society will be more isolated from the middle quintile and will, therefore, be further from meeting the standards of that society. As a result, more members of this bottom quintile will be stuck in poverty (Beroube 2005). ...Download file to see next pagesRead More
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