distribution of income and WEALTH? (1 Viewer)

[unfold]

hey peeps,

i'm tryna plan an essay for distribution of income and wealth. Almost all study guides emphasis on ways to measure distribution of income and give related data...but what about wealth? it seems to be neglected somehow? some source just seems to imply "therez more info on distribution on income..so we'll focus on it"

can anyone suggest ways of measuring wealth? or give me a lead on how wealth should be integrated into an essay, without sounding like i've neglected it?

thanks!

 

[Tommy_69]

we wont get a essay solely on distribution of income and wealth so don tworry

 

[unfold]

are you sure

hmm? i'm kinda treating this topic similar to unemployment *where essay questions have been asked on*... hmmm so are u saying its more likely to fall under the short response sectiON?

 

[seremify007]

This is what I came up with just then unfold... I modified it a bit to what I told you because I realised I missed a few things; but it's pretty much the same as what I said on MSN after you gave me the Q a few mins ago^^

Outline Key trends in the distribution of income and wealth in Australia and critically analyse the costs and benefits of social inequality

1) Introduction
- economic growth
- inequality in society; growth favours highly skilled works/owners of shares/assets

2) Definitions
Income
- definition
- sale of factors of production
- most ppl get it from labour/wages
Wealth
- definition + examples (property, investments, etc..)

3) Trends
Measuring Income distribution
- gini coefficient/lorenz curve
- diagram
Link income distribution statistics with wealth statistics
- Measured by ABS statistics dividing population into groups
- 95% of aust' wealth held by 50% of population
- Strong correlation between high income + high wealth
- Wealth inequality decreasing due to compulsory super, increasing level of home-ownership, share ownership, etc..

4) Costs/Benefits
Costs
- Level of utility of economy lowered
- Welfare / Soc security
- Poverty -> social issues
- Social divisions -> poverty trap vs. conspicious consumption
Benefits
- Creates incentive for people to work harder -> motivates ppl
- Keeps economy growing

5) Conclusion

... that's just a basic plan.

 

[sunjet]

Attached is an assessment i did on it, it got 20/20.

 

[seremify007]

Not bad, but isn't wealth usually measured by the ABS using their own stats too? Good research task^^ Reminds me of back when we had to do that for a research task and then 'teach the class'.

 

[Haku]

This is what I came up with just then unfold... I modified it a bit to what I told you because I realised I missed a few things; but it's pretty much the same as what I said on MSN after you gave me the Q a few mins ago^^

Outline Key trends in the distribution of income and wealth in Australia and critically analyse the costs and benefits of social inequality

1) Introduction
- economic growth
- inequality in society; growth favours highly skilled works/owners of shares/assets

2) Definitions
Income
- definition
- sale of factors of production
- most ppl get it from labour/wages
Wealth
- definition + examples (property, investments, etc..)

3) Trends
Measuring Income distribution
- gini coefficient/lorenz curve
- diagram
Link income distribution statistics with wealth statistics
- Measured by ABS statistics dividing population into groups
- 95% of aust' wealth held by 50% of population
- Strong correlation between high income + high wealth
- Wealth inequality decreasing due to compulsory super, increasing level of home-ownership, share ownership, etc..

4) Costs/Benefits
Costs
- Level of utility of economy lowered
- Welfare / Soc security
- Poverty -> social issues
- Social divisions -> poverty trap vs. conspicious consumption
Benefits
- Creates incentive for people to work harder -> motivates ppl
- Keeps economy growing

5) Conclusion

... that's just a basic plan.

though the question did not specify but u think its good to talk about the govt policies and policies mixes used to slow done or anchor the rate of desparity?

 

[_dhj_]

That structure is probably missing an important thing you need to talk about - namely the causes of income/wealth inequality (which invariably shape the trends). Under that you would talk about structural change etc and Government policy - including changes to welfare, LMR, and just the general shift from equity towards efficiency as an objective of macro and micro govt policy.

 

[seremify007]

I didn't really think there's "that much" to talk about in terms of causes of inequality but that would've been mentioned in the trends section.

Whilst I should talk about govt. policy (eg. compulsory super) and maybe some fiscal policy (social security)- which I did mention in my plan, I don't really think there's much in terms of micro which is really necessary for the Q.

 

[d_a_n_z]

sunjet that was really generous --> THANX!

 

[sunjet]

i forgot to mention the last few paragraphs talk about the tax system.. i wouldn't include that our teacher put it in to test our knowledge as isn't really in textbook or syllabus.

 

[FreddieLawther]

Sunjet, I cant see the attachment!! Is there any chance you could email it too me?

 

[sy37]

No because sunjet is probably too busty taking care of his kids now.