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    Econ 1010 E-Portfolio Assignment 1

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    The document discusses various forms of economic inequality found in the United States. It notes that an ideal distribution of wealth would see equal pay for equal work, but in reality women often earn less than men for the same job. Inequality is also seen in unequal endowments to charities that comply with corporate goals. Socioeconomic status further divides society into lower, middle, and upper classes, with the middle class ideally providing a comfortable life and the lower class struggling to afford necessities. Government policies aim to reduce these inequalities through social programs and taxes on the wealthy, but intergenerational mobility remains an issue as social status is often inherited. Northern European countries have less inequality through more socialist policies that distribute wealth more evenly.

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    Econ 1010 E-Portfolio Assignment 1

    Uploaded by

    api-396373863
    45 views2 pages
    The document discusses various forms of economic inequality found in the United States. It notes that an ideal distribution of wealth would see equal pay for equal work, but in reality women often earn less than men for the same job. Inequality is also seen in unequal endowments to charities that comply with corporate goals. Socioeconomic status further divides society into lower, middle, and upper classes, with the middle class ideally providing a comfortable life and the lower class struggling to afford necessities. Government policies aim to reduce these inequalities through social programs and taxes on the wealthy, but intergenerational mobility remains an issue as social status is often inherited. Northern European countries have less inequality through more socialist policies that distribute wealth more evenly.

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    econ 1010 e-portfolio assignment 1

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    The document discusses various forms of economic inequality found in the United States. It notes that an ideal distribution of wealth would see equal pay for equal work, but in reality women often earn less than men for the same job. Inequality is also seen in unequal endowments to charities that comply with corporate goals. Socioeconomic status further divides society into lower, middle, and upper classes, with the middle class ideally providing a comfortable life and the lower class struggling to afford necessities. Government policies aim to reduce these inequalities through social programs and taxes on the wealthy, but intergenerational mobility remains an issue as social status is often inherited. Northern European countries have less inequality through more socialist policies that distribute wealth more evenly.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views2 pages

    Econ 1010 E-Portfolio Assignment 1

    Uploaded by

    api-396373863
    The document discusses various forms of economic inequality found in the United States. It notes that an ideal distribution of wealth would see equal pay for equal work, but in reality women often earn less than men for the same job. Inequality is also seen in unequal endowments to charities that comply with corporate goals. Socioeconomic status further divides society into lower, middle, and upper classes, with the middle class ideally providing a comfortable life and the lower class struggling to afford necessities. Government policies aim to reduce these inequalities through social programs and taxes on the wealthy, but intergenerational mobility remains an issue as social status is often inherited. Northern European countries have less inequality through more socialist policies that distribute wealth more evenly.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    e-Portfolio Assignment

    Economic inequality can be found everywhere in the United States, this is due to the ideal

    distribution of wealth not being implemented into our economy. An ideal distribution of wealth

    would consist of employees being paid equally depending on their skills and experience,

    however this is not the case in our society. The actual distribution of wealth is not equal across

    all demographics, an example of economic inequality in terms of income distribution is that

    many employers do not pay women the same wages as they would a man for doing the same job.

    Even if a woman is better at a job than their male coworker, they are usually still unequally

    compensated for their work.

    Inequality can also be seen when looking at endowments and other forms of donations,

    this is because those who invest the donations get to choose where they send these funds. As a

    result, companies are able to invest into charities and other organizations that will benefit them.

    This can cause other charities that may not comply with the goals of these companies to not

    receive any endowments, or at least lesser amounts of them.

    One can clearly see economic inequality when looking into socioeconomic status, our

    country has split these into three main groups: lower class, middle class, and upper class. The

    middle class is an ideal place for the majority of United States citizens since it allows them to

    live a comfortable life while still being able to afford the necessities. Lower class citizens on the

    other hand experience a harder life in the sense that they are working solely for what they need to

    survive. Upper class citizens are the wealthiest people in the country, they live very comfortable

    lives and rarely worry about cervical necessities since they have such an excess of wealth at their

    disposal, they live privileged lives that the majority of the population will never experience.

    Many people are born into their socioeconomic status, especially upper class and lower class
    citizens. This is known as intergenerational mobility. Once someone is born into a poor family, it

    is difficult to escape poverty and reach success. When someone is born into a wealthy household,

    they become accustomed to the privileged lifestyle which usually leads to them staying an upper

    class citizen. I believe the middle class is for lower class citizens who finally make it out of

    poverty as well for upper class citizens who do not desire absolute wealth in their lives.

    Certain policies that governments use to try and diminish these inequalities are social

    security and disability compensation for those unable to work, benefits such as unemployment

    and food stamps for struggling households, and higher taxes on the rich. Intergenerational

    inequality is an economic issue we are experiencing in the United States, however northern

    European countries have much lower intergenerational inequality due how their economies are

    set up. The United States is a capitalist country which means all individual efforts are directed

    towards becoming financially successful, Northern European countries however are slightly

    more socialist in the sense that they strive to distribute wealth as equally as possible. By doing so

    they are able to eliminate much of the poverty in their country while still allowing upper class

    citizens to keep their wealth, this contrasts the United States because we only strive for financial

    success and leave behind those living in poverty.

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