Illustrate what factors have contributed to increased income

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Reference no: EM1334887

Important information about Income

1. What factors have contributed to increased income inequality since 1969?

2. Should a nation's income be distributed to its members according to their contributions to the production of that total income or according to the member's needs? Should society attempt to equalize income or economic opportunities? Are the issues of equity and equality in the distribution of income synonymous? To what degree, if any, is income equality equitable?

3. Analyze in detail: "There need be no tradeoff between equality and efficiency. An 'efficient' economy that yields an income distribution that many regard as unfair may cause those with meager incomes to become discouraged and stop trying. So efficiency may be undermined. A fairer distribution of rewards may generate a higher average productive effort on the part of the population, thereby enhancing efficiency. If people think they are playing a fair economic game and this belief causes them to try harder, an economy with an equitable income distribution may be efficient as well."

Reference no: EM1334887

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