Question

Why should Government regulate the ownership of land and industry ? a) To reduce social - economic inequalities b) To promote diversity c) To respect poverty

Answer 1

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.

These factors all imply that a snapshot of inequality in a given year does not provide an accurate picture of how people’s incomes rise and fall over time. Even if some degree of economic inequality is expected at any point in time, how much inequality should there be? There is also the difference between income and wealth, as the following Clear It Up feature explains.

Answer 2

Government should regulate the ownership of land and industry to reduce socio economic inequalities.

Explanation:

• If a piece of land is owned by the government then the government is free to open industries. This results in in increase in the development of the nation. In addition to this the company can then give job to do people irrespective of social or economic class.

• As a result of this all sectors of the society have equal role in getting the job. This helps to bridge the gap between the different socio-economic classes.

To know more about the role of government for  decreasing poverty,

Describe any three poverty alleviation programmes launched by the ...

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