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Economics

Period 4. Economics. Wealth and Poverty (social welfare). Eric Hsieh. Alex Yang. What are we talking about? (Definitions). Wealth: how much a person has (usually in terms of money). Poverty: - poverty line: those below it cannot afford basic necessities.

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Economics

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  1. Period 4 Economics Wealth and Poverty (social welfare) Eric Hsieh Alex Yang

  2. What are we talking about? (Definitions) Wealth: how much a person has (usually in terms of money) Poverty: - poverty line: those below it cannot afford basic necessities Absolute poverty: one world, one poverty line Relative poverty: many societies, many lines

  3. What’s that have to do with anything? (Poverty in the UK) - 13 Million people - 4 Million children UK attitude: ‘laziness and lack of will-power’

  4. Distribution of Wealth in the UK (reality is cruel, indeed) Statistics: -no drastic change over time but the rich got richer

  5. Distribution of Wealth in the UK (how things add up in modern terms) Statistics: -poorest HALF share only 6% of national wealth

  6. Gini Coefficient and the Lorenz Curve (if you have no idea what they are, don’t worry, you’re supposed to feel that way) Max O. Lorenz

  7. Lorenz Curve (clashing of ideal world and real world)

  8. Lorenz Curve Based on 2002 Data (two very different worlds)

  9. Gini Index (no, not the kind that grants wishes)

  10. UK Steps Against Poverty (the arduous struggle) Blair: commitment to ending child poverty in a generation - number of people living in poverty declining in recent years Main necessity: public support - changing the “poverty is due to laziness” mentality

  11. Pounds

  12. Image credits Lorenz curve example: Penn State University: http://450.aers.psu.edu/images/lorenz.gif Cartoon pound sign: CartoonStock: http://www.cartoonstock.com/lowres/cfr0021l.jpg Corrado Gini: University of York: http://www.york.ac.uk/depts/maths/histstat/people/gini.gif Pound note: Guardian International Currency Corp: http://www.guardianfx.com/information/europe/england.html UK Map: British Towns and Villages Network: http://www.british-towns.net/britain/uk_physical_map.htm

  13. Works Cited Distribution of Personal Wealth. HM Revenue and Customs. 2 Dec 2005. <http://www.hmrc.gov.uk/stats/personal_wealth/menu.htm> Gini Coefficient. 26 Nov 2005. Wikipedia 2 Dec 2005. <http://en.wikipedia.org/wiki/Gini_coefficient> Lorenz Curve. 1 Dec 2005. Wikipedia. 2 Dec 2005. <http://en.wikipedia.org/wiki/Lorenz_curve> Lorenz Curves. 4 April 2004. Duncan Williamson. 2 Dec 2005. <http://www.duncanwil.co.uk/lorenz1.html> Poverty Line. 29 Nov 2005. Wikipedia. 2 Dec 2005. <http://en.wikipedia.org/wiki/Poverty_line> The Facts About Poverty in the UK. Oxfam UK Poverty Programme. 2 Dec 2005. <http://www.oxfamgb.org/ukpp/poverty/thefacts.htm>

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