EC120 Chapter Notes - Chapter 20: Gini Coefficient, Rfactor, Relative Change And Difference

• School: WLU
• Department: Economics
• Course: EC120
• Professor: Ken Jackson

Document Summary

Ec120 chapter 20: income inequality and poverty fifth accounts for 52% of the country"s income. Income tax and transfer programs used to aid equality in societies: people who earn more are taxed more. Income equality around the world: data not available for some countries, based on gini coefficient, sweden is the most equal and south africa is the most unequal. In-kind transfers: poor receive non-monetary items and services to help them. In-kind transfers: transfers to the poor given in the form of goods and services rather than cash: failure to include these transfers greatly affects accuracy of the measurement of the poverty rate. Economic mobility: economic mobility is substantial in canada. In canada, there is a high degree of economic mobility across generations. Welfare: welfare: gov"t programs that supplement the incomes of the needy, most distinguish between people who are employable and those who are not, not employable people receive higher benefits, believed that they reduce the incentive to work.