Economics Wealth and Poverty (social welfare) Alex Yang Eric Hsieh Period 4.

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Presentation transcript:

Economics Wealth and Poverty (social welfare) Alex Yang Eric Hsieh Period 4

What are we talking about? (Definitions) Wealth: how much a person has (usually in terms of money) Poverty: - poverty line: those below it cannot afford basic necessities Absolute poverty: one world, one poverty line Relative poverty: many societies, many lines

What’s that have to do with anything? (Poverty in the UK) - 13 Million people - 4 Million children UK attitude: ‘laziness and lack of will-power’

Distribution of Wealth in the UK (reality is cruel, indeed) Statistics: -no drastic change over time but the rich got richer

Distribution of Wealth in the UK (how things add up in modern terms) Statistics: -poorest HALF share only 6% of national wealth

Gini Coefficient and the Lorenz Curve (if you have no idea what they are, don’t worry, you’re supposed to feel that way) Max O. Lorenz

Lorenz Curve (clashing of ideal world and real world)

Lorenz Curve Based on 2002 Data (two very different worlds)

Gini Index (no, not the kind that grants wishes)

UK Steps Against Poverty (the arduous struggle) Blair: commitment to ending child poverty in a generation - number of people living in poverty declining in recent years Main necessity: public support - changing the “poverty is due to laziness” mentality

Pounds

Image credits Lorenz curve example: Penn State University: Cartoon pound sign: CartoonStock: Corrado Gini: University of York: Pound note: Guardian International Currency Corp: ml UK Map: British Towns and Villages Network:

Works Cited Distribution of Personal Wealth. HM Revenue and Customs. 2 Dec Gini Coefficient. 26 Nov Wikipedia 2 Dec Lorenz Curve. 1 Dec Wikipedia. 2 Dec Lorenz Curves. 4 April Duncan Williamson. 2 Dec Poverty Line. 29 Nov Wikipedia. 2 Dec The Facts About Poverty in the UK. Oxfam UK Poverty Programme. 2 Dec 2005.