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The Poverty-Growth-Inequality Triangle was originally introduced by Bourguignon in a paper presented at the Conference on Poverty, Inequality and Growth in Paris on November 13, 2003. A modified version of the paper was presented at the Indian Council for Research on International Economic Relations in New Delhi on February 4, 2004. [2]
The Galor-Zeira model, established by Oded Galor and Joseph Zeira in 1988, is the first macroeconomic model to examine the influence of economic inequality on macroeconomic dynamics. The model disputes the previously prevalent view, held by the representative agent approach in macroeconomics till the early 1990s, that economic inequality has no ...
Theories on the causes of poverty are the foundation upon which poverty reduction strategies are based. While in developed nations poverty is often seen as either a personal or a structural defect, in developing nations the issue of poverty is more profound due to the lack of governmental funds.
The United States economy, complex and highly developed, is the largest global economy with the sixth highest per capita GDP (PPP) and about 20% of the total global output. The economy comprises dominant production sectors such as technology, financial services, healthcare, and retail. More than 20% of companies on the Fortune Global 500 ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
In the economic literature on inequality four properties are generally postulated that any measure of inequality should satisfy: Anonymity or symmetry This assumption states that an inequality metric does not depend on the "labeling" of individuals in an economy and all that matters is the distribution of income.
A global wealth tax: Thomas Piketty suggests a global and coordinated wealth tax as the remedy to trends of global inequality, saying that only a direct solution to wealth concentration can be successful where other governmental policies have failed. Piketty proposed an international agreement between nations that would tax all personal assets ...
More than half of the world's nations were categorized by what they lacked. [2] The Euro-centric development discourse and its aura of expertise often conflated development with economic growth. When the world began to categorize nations based on their economic status, it narrowed the issue of underdevelopment to an economics problem.