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|Title:||Economic inequality in the United States - Does it have a significant negative effect on the economy?||Authors:||Hoang Tri Nhan||Keywords:||inequality;economic inequality;US||Issue Date:||2019||Publisher:||Vietnamese-German University||Abstract:||
The paper is organized as follows. For the first part, we must establish the definitions of recurring language in the arguments so that a common ground can be reached in terms of interpretation and context with the reader. In which the concepts of economic inequality and poverty is defined, while the main method to measure inequality is settled to be the Gini coefficient. We also discuss the validity of the measure, what made it such a universal standard and what some of its flaws and limitations are. The Kuznets curve is then introduced, for it is one of the most prevalent hypotheses to link the development of a nation’s economy to its cycle of economic inequality. This implication that there exists a natural relationship between economic inequality and economic growth has been challenged heavily in recent history, and therefore will hold a central role in our study. For
the third section of the study, some economic aspects in the current United States are examined alongside its rising economic inequality, furthermore, the study attempts to point out some of the challenges when using the Gini coefficient as a benchmark to evaluate potential policy changes. Section Four explores the morality side of economic inequality due to economics roots in moral philosophy, in which the concept of inequality is isolated from the common social ills that are usually associated with it such as unfairness and poverty. The section also attempts to explain the rising inequality using innate individual virtue and human behavior. Then we move onto a review of the much-debated relationship between economic inequality and economic growth, with arguments both supporting the link as a positive correlation and cautioning against a negative correlation being presented and reviewed. And for the last section, recent doctrines which aim to bring more equality to the economy such as Universal Basic Income and Affordable Care Act are evaluated from a macro standpoint to try and answer our final question.
|Appears in Collections:||Finance & Accounting (FA)|
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