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The gap between the rich and the poor
is getting wider and income inequality has become an
important political issue. We will learn that the 42
wealthiest people on Earth now have the same amount of
wealth as the bottom half of the global population. 42
people have the same amount of wealth as the poorest 3.5
billion (3,500,000,000) !
We will first look at some data on
the distribution of income and learn how to measure
it.
Then we will learn two models
concerning income distribution:
1. The Case for Equality
Model: Maximizing Total Utility. This is the President
Trump Example from lesson 1b and
2. The Occupational Discrimination (Crowding)
Model
The YELLOW PAGES, the LESSONS
webpage, and the MICWEBAPP have one page summaries of each
of these models. You should find them and study them.
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