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Income Inequality

In the US and the World. Income Inequality. Why should you listen to a speech on Economics?. Income inequality effects you. Income inequality in the world has been rising for the past 30 years – and in places you might not expect Why should you listen to me?

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Income Inequality

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  1. In the US and the World Income Inequality

  2. Why should you listen to a speech on Economics? • Income inequality effects you. • Income inequality in the world has been rising for the past 30 years – and in places you might not expect • Why should you listen to me? • I’m a news junkie and a data nerd. • I love to get my hands on some data and see where it leads. • I will provide reputable sources for my data.

  3. Topics • What will be discussed? • What is income equality? What is income inequality? • How is income inequality measured? • Where is income equality? Where is income inequality?

  4. What is income inequality? • “Income inequality is the extent of disparity between high income and low income households.” $ $ Few people with lots of money AND Lots of people with little money

  5. What is income Equality? • Income equality is a more even distribution of wealth. There are still rich and poor, but the disparity is not as great. Very Rich Very Poor

  6. Income Inequality and the GINI Index • According to the World Factbook, GINI is “An index that measures the degree of inequality in the distribution of family income in a country.” • A GINI index of 0 would mean complete income equality. A GINI index of 100 would mean that one person had all of the wealth. http://en.wikipedia.org/wiki/Gini_coefficient

  7. High GINI Index • A high GINI index means: • Uneven income distribution • FEW people with lots of money • Income INequality LOTS OF MONEY! $

  8. LOW GINI Index • A low GINI index indicates a more even distribution of wealth. Very Rich Very Poor

  9. Who tracks Income Inequality? • Both the CIA and the UN • Why? • Income inequality leads to social instability. • Too many people without the essentials, and uprisings occur.

  10. What causes income inequality? • Two theories • The bootstrap theory • Poor people are lazy or make bad choices • Poor people prefer to be poor • Socioeconomic theory • “The extent of inequality in society is often a consequence of explicit policies and public choice. ” • Society can change income inequality by the laws it creates Kawachi, I., & Kennedy, B P (April 5, 1997). Health and social cohesion: why care about income inequality?.  British Medical Journal, 314, n7086. p.1037(4). Retrieved April 18, 2011,  fromhttp://find.galegroup.com.bakerezproxy.palnet.info/gtx/start.do?prodId=EAIM&userGroupName=lom_falconbaker

  11. Where is inequality the greatest?Where is equality the greatest? • What countries do you think of when someone mentions income inequality? • What countries do you think of when someone mentions income equality?

  12. What countries have the greatest income equality? • Countries with a low GINI index have the greatest income equality. Distribution of Family Income – GINI Index. (n.d.).CIA - The world factbook. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/fields/2172.html

  13. What countries have the greatest income inequality • Countries with a high GINI index have greater income inequality.

  14. All “First World” CountriesGINI Index

  15. What countries have a similar GINI to the United states?

  16. Worlds richest countries Top 10 richest countries. UAE number 5, but there is no GINI index for them

  17. Review • What is income equality? • What is the GINI index? • Where is income inequality?

  18. Conclusion • Income inequality only benefits a very few. • 400 families control more than 50% of all wealth in America. • Unless you are one of those lucky 400, income inequality will effect you.

  19. Resources • Definition of income Inequality: http://www.socialreport.msd.govt.nz/economic-standard-living/income-inequality.html • GINI co-efficianthttp://en.wikipedia.org/wiki/Gini_coefficient • Quote on Socioeconomic Theory: Kawachi, I., & Kennedy, B P (April 5, 1997). Health and social cohesion: why care about income inequality?.  British Medical Journal, 314, n7086. p.1037(4). Retrieved April 18, 2011, from Expanded Academic ASAP via Gale:http://find.galegroup.com.bakerezproxy.palnet.info/gtx/start.do?prodId=EAIM&userGroupName=lom_falconbaker • GINI Index: https://www.cia.gov/library/publications/the-world-factbook/fields/2172.html

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