SOC263H5 Lecture Notes - Lecture 3: List Of Canadians By Net Worth, Toronto Sun, Household Debt
Document Summary
Wealth: everything you have minus your debt. Richest people make money from returns on investments/assets. Best way to visualize is with a pyramid. There are many who are poor middle parts of the pyramid, a moderate. Polarization also requires both wealth and poverty but is conceptually missing its. Population grouped into state holes (one poor and one rich, growing gap) Unfortunate are unable to maintain the middle-class lifestyle and slip to the bottom. Under polarization, the population is grouped into, or concentrated into, two distinct regions or poles" of the income distribution one poorer, one richer. Based on the lorenze curve (speaks to where the distribution curves) The proportion of population against the proportion of income. If its equal there"s a 45 degree angle. Top 1% has more of the countries wealth. Poorest americans don"t register on the graph, the mc are not that much different. Richest 1% take home a quarter of the nation"s wealth.
