ECON 1740 Lecture Notes - Lecture 2: Southern Colonies, Economic Inequality
15 Sep 2016
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Rivers were deep & navigable (made for a natural roadway) Question authority- huge take away from this class! Economic inequality: the gap between how much wealth and income the rich have vs. the poor. Current data: rich have over 90% control of income. (top 1% of country hold over 93% of wealth in the united states) Income: the amount of money you receive. (i. e. paycheck) Wealth: the amount you have saved. (i. e. assets, savings account, etc. ) If wealthy people save all their money, then stagflation occurs. Example: at some point, you can not spend all the money you make. Or putting money into finance system which does not have the same effect. Money=power and political decisions are influenced by money. Wealthy have more power in the justice system. Can prevent people from starting poor to becoming wealthy: inequality is not a problem.
