Chapter 20 – Income distribution and poverty. Income distribution in a market economy Determined by markets Affected by initial endowments Estate tax.

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Presentation transcript:

Chapter 20 – Income distribution and poverty

Income distribution in a market economy Determined by markets Affected by initial endowments Estate tax (“death tax”)

Lorenz curve

Differences in income inequality

Poverty programs Cash transfers In-kind transfers

Trends in income distribution Inequality decreased until 1980s Inequality rose from 1980s until mid 1990s Inequality declined in mid- and late- 1990s Inequality rose since 2000.

Tax structures Progressive – T/Y rises as Y rises Proportional – T/Y is constant Regressive – T/Y declines as Y rises (T = taxes, Y = income)

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