Textbook Guide Economics: John Stuart Mill, Jeremy Bentham, Redistribution Of Income And Wealth

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1 Dec 2016
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Income distribution can often be measured by the poverty rate percentage of the population whose family income falls below the absolute level referred to as the poverty line. The poverty line is set by the federal government for each family size: measuring inequality can sometimes be difficult because it does not account for: The transfer of goods and services rather than currency to the poor known as in-kind transfers. The regular pattern of income variation throughout a person"s life (the younger, the lower the income) or a person"s life cycle. The individuals" permanent incomes or normal incomes; people have transitory (dynamic) incomes due to random events and forces while also maintain normal incomes that are relatively unchanging. The movement of people among income classes or economic mobility is essential to economies; a great amount of economic mobility results in widely temporary poverty rates. The political philosophy of redistributing income: utilitarianism, as founded by jeremy bentham (1748-1832) and.

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