a system of welfare redistribution aimed to narrow social inequalities is called as??
Answers
Answer:
By the end of this section, you will be able to:
Explain the arguments for and against government intervention in a market economy
Identify beneficial ways to reduce the economic inequality in a society
Show the tradeoff between incentives and income equality
No society should expect or desire complete equality of income at a given point in time, for a number of reasons. First, most workers receive relatively low earnings in their first few jobs, higher earnings as they reach middle age, and then lower earnings after retirement. Thus, a society with people of varying ages will have a certain amount of income inequality. Second, people’s preferences and desires differ. Some are willing to work long hours to have income for large houses, fast cars and computers, luxury vacations, and the ability to support children and grandchildren.
Explanation:
Mark as brainlist
Answer:
It is now known that inequality lowers economic growth by reducing middle-class demand and increasing the costs of redistribution.
Explanation:
For a variety of reasons, no society should expect or desire complete income equality at any given time. First, most workers earn relatively low wages in their first few jobs, then higher wages as they reach middle age and finally lower wages after retirement. As a result, a society with people of varying ages will have some income inequality. Second, people have different preferences and desires. Some people are willing to work long hours in order to afford large homes, fast cars and computers, luxury vacations, and the ability to support their children and grandchildren.
Wealth is the sum of all assets, including cash in bank accounts, financial investments, a pension fund, and the valuation of a home. All debts, such as those owed on a home mortgage and credit cards, must be subtracted when calculating wealth. A retired person, for example, may have little income other than a pension or Social Security in a given year. However, if that individual has saved and invested over time, the individual's accumulated wealth can be quite substantial.
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