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SOC101Y1 (985)
Robert Brym (148)
Lecture

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School
University of Toronto St. George
Department
Sociology
Course
SOC101Y1
Professor
Robert Brym
Semester
Fall

Description
November 16 , 2011 SOC101-Lecture SOCIAL STRATIFICATION II - Are levels of inequality necessary for a smoothly functioning society ? - Canadian society - Inflation and Real Dollars: o Inflation: is the increase over time in the cost of a standard basket of goods and services o Real dollars: are nominal dollars minus inflation (so cost in real dollars is the cost of a standard basket of goods and services minus inflation, and income in real dollars is nominal income minus inflation, or purchasing power? - Smart phones - Real dollars: dollars in name o If inflation takes place, the real dollars decreases o A hundred dollars now, a year later inflation takes place and what you can buy a year ago isn’t the same of what you can buy now. (5% increase takes place, for example) o $1000 +3% = %1030 o $1030 +4% = $1071.20 o ($1000/$1071.20)*$1000= $933.53 - oil has had an effect - quintiles - income has increased, on average, but so has inequality - substantial income inequality exists in society - redistributes income in a way that increases TAXES: - ensure that the rich gets richer - 2 kinds of taxes o Progressive system: based on the taxes the tax payer has to pay (the more income, the more tax
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