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Describe impact of wage stagnation on economy

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Reference no: EM133268542

1. Can you paraphrase a definition of these words and provide a reference or quote from one of the readings that serves as an example of this term.

Consumerism

Economic Sector

2. How deindustrialization leads to wage stagnation. Describe the impact of wage stagnation on an economy like the US that is seventy percent consumer spending. Illustrate the consequences with an example from Reich.

3. Compare and contrast individualistic explanations of poverty with structural explanations. Clearly explain what is meant by blaming the victim and how it is consistent with Gans' conception of the undeserving poor. Illustrate your understanding of this with an example from the Gans reading.

Readings:

Weinstein - Adam Smith

Arnold - Socialism

Reich - Why the Rich are Getting Richer and the Poor, Poorer

Gans - The Positive Functions of the Undeserving Poor

Macionis and Parrillo - Urban and Suburban Lifestyles

Gramlich, James. "Chapter Two: Social Problems of Economic Systems and Social Class."

Reference no: EM133268542

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