where the low paid are trapped in relative poverty by having to pay income tax and national insurance on any wage increase as well as losing means-tested benefits so seeing little to no increase in their disposable incomethe flow of money received in a particular period of timethe stock of everything owned that has a value at a particular point in timea positive concept that can be measured by the extent to which people's incomes and wealth differ (using the Lorenz Curve and the Gini-co-efficient)-absolute and relative poverty may remain high which can undermine social cohesion
Wealth is a ____ variable.Is income or wealth more unequally distributed in the US?A situation where either buyer or seller has more information than the other about what is being exchanged.People with higher risks than average seek out the insurance to cover that risk.


Where government intervention fails to meet the desired outcomes or makes existing policy problems worse.Political self-interest, policy myopia, regulatory capture, disincentive effect, evasion, policy decisions based on imperfect information, law of unintended consequences, cost of enforcementInappropriate government spending and tax decisions that can lead to misallocation of scarce resourcesWhen industries under the control of a regulatory body operate in the vested interest of producers rather than consumersThe adverse effects of government intervention: minimum wage causing unemployment, welfare benefits leading to a poverty-trap - general free market economist scepticismHigher taxes leading to tax evasion, avoidance, "grey" markets where goods and services are exchanged without taxFree market advocates argue it is better in the long run at aggregating the preference of consumers, whereas governments engage in projects without sufficient informationShadow markets, people acting in unexpected ways because of ignorance or errorEstimated social benefits may be overshadowed by the administrative costs Unintended consequences can be grouped into three types: Unexpected benefit: A positive unexpected benefit ... Because of the complexity of ecosystems, deliberate changes to an ecosystem or other environmental interventions will often have (usually negative) unintended consequences. “Like people, businesses don’t know the best way to help, so their efforts can have unintended consequences. Economic Growth: benefitting the entrepreneurs and the owners of capital-measures the extent to which the distribution of income (or wealth)is equal or unequal-a statistic used to measure the degree of inequalityFree Market economists believe that poverty and inequality are good because (4)1. creates positive incentives to work and is justified by different levels of 'value added'poverty measured relative to a fixed income cut off point (e.g. --Can have unintended negative health and economic consequences-Increase equity--Development can increase stratification--Development as a "machine for reinforcing and expanding state bureaucratic power" --Development reinforces racial stereotypes. We pay our children £3 to clean the car. Original income (wages, pensions and investment income)Factors influencing the distribution of wealth. It could make them less willing to help around the house for free, but expect payment. (Think of government assistance and the poverty trap.) Focus on helping every child master basic skills How do rises in living standards have unintended consequences?sixty years ago, lower-end housing lacked basic amenities like indoor plumbing. Housing assistance can reduce housing instability (Section 8 voucher)1. Once distributed, they are traded for those who produce a lot of pollution that would otherwise be very expensive to fix.goods that are rival in consumption but not excludablesituation in which people acting individually and in their own interest use up commonly available but limited resources, creating disaster for the entire community. Poverty: Facts, Causes and Consequences Joe Tiao Lecture, Kansas State University Hilary Hoynes University of California, Davis April 2012 •In 2010, more than 1 in 5 children lived in poverty and 15.1 percent of all persons were poor. •Government spending on anti-poverty programs includes $30 b. on TANF, $51 b. on the EITC, and $50 b. on Food Stamps. Examples include: During the Four Pests … actions taken by buyers and sellers to communicate quality in a world of uncertainty. Progressive taxation system: reduce inequality, can increase consumption. May not share the same values as middle class around hygiene, hunger, and luxuries1.The poor pay much higher interest rates than the richWhen the interest rate goes up, the borrower has more reason not to try to find a way to repay the loan. Marlin told fellow inmates that they should not get involved with a woman who has children because the children's father can pop back into her life and the new boyfriend may get burned. This means that low income housing has become less affordable as a resultHow have standards changed in housing? 3. removing the poverty trap (removing overlap between tax free personal allowance and means-tested benefits ceiling 4. the 'social wage': provision of public services, removes inequality via the redistribution of incomes.


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