SOC 104 Lecture Notes - Lecture 10: Feudalism, Side Effect, Motivation
Document Summary
The gap between the rich and the poor. Absolute poverty: unable to meet basic needs. Relative poverty: statistical measure of income (i. e. lowest 10% vs. top 10%) Top 1%, over time gap is growing, compare to other countries. Licos (low income cut off)- 20% more of their income (than the average family) on basic needs. If you meet lico are living more strained life, spending 20% more of their income on basic needs than average. If average is 56%, and you are spending 76% Lim- income below the median level o: mbm- income needed to afford basic necessities. Neoliberal logic: there is a price to pay for reducing poverty . Only if the rich get richer will the poor be better off. Inequality is prosperous if it works this way, everyone will be better off. Gives people motivation to change behaviour & avoid ending up in poverty. Economic incentive > keep market competitive & helps strive.
