princchpresentationemankiw微觀經(jīng)濟(jì)學(xué)部分章完整-課件

N.

GregoryMankiwEconomicsPrinciples

ofSixth

Edition20?

2012

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use.In

thischapter,look

for

the

answers

to

these

questions:?

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use.How

much

inequality

and

poverty

exist

in

oursociety?What

are

the

problems

measuring

inequality?What

are

some

of

the

leading

philosophieson

the

proper

role

of

government

in

alteringthe

distribution

of

income?What

policies

are

used

to

fight

poverty?Whatare

the

problems

with

these

policies??

2012

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use.IntroductionFrom

the

previous

two

chapters:Equilibrium

wages

equal

the

value

of

workers’marginal

products.Differences

in

equilibrium

wages

result

fromdifferences

inworker

characteristics:education,

experience,

talent,

effortjob

characteristics:extent

to

which

a

job

is

pleasant

and

safeSome

earnings

differences

due

to

discrimination.?

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use.IntroductionEven

in

the

absence

of

discrimination,the

income

distribution

in

a

market

economymay

not

be

equitable

or

otherwise

desirable.In

this

chapter,

we

examineindicators

of

inequality

and

povertyphilosophies

about

income

redistributionpolicies

designed

to

help

the

poorThe

U.S.

Income

Distribution:

2009?

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use.GroupAnnual

householdincomeBottom

fifthUnder

$20,453Second

fifth$20,453

–

$38,550Middle

fifth$38,550

–

$61,801Fourth

fifth$61,801

–

$100,000Top

fifth$100,000

and

overTop

5percent$180,001

and

overU.S.

Inequality,

1950–2009?

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use.Income

share

of

the

top

20%

dividedby

income

share

of

the

bottom

20%Inequality

Around

the

WorldIncome

share

of

thetop

10%

divided

byincome

share

of

thebottom

10%?

2012

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use.PovertyPoverty

line: an

absolute

level

of

incomeset

by

the

govt

for

each

family

sizebelow

which

a

family

is

deemed

to

be

in

povertyPoverty

rate: the

percentage

of

the

populationwhose

family

income

falls

below

the

poverty

lineIn

2009

in

theU.S.,median

family

income

=

$61,082poverty

line

for

family

of

four

=

$21,954poverty

rate

=

14.3%?

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use.U.S.

Poverty

Over

TimePercent

of

the

populationbelow

poverty

lineU.S.

Poverty

Rate

by

Group,

2009?

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use.GroupPoverty

RateAll

persons14.3%White,

not

Hispanic9.4Black25.8Hispanic25.3Asian12.5Children20.7Elderly8.9Married-couple

families5.8Female

household,no

spouse

present29.9?

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use.Problems

Measuring

InequalityIn-kind

transfers: assistance

that

takes

the

formof

g&s

rather

than

cashOmitted

from

measures

of

inequality

andpoverty,

biasing

them

upwardThe

Life

Cycle: the

regular

pattern

ofincome

variation

over

a

person’slifePeople

can

borrow

and

save

to

offsetlife-cyclechanges

in

income

(e.g.,

saving

forretirement).Life-cycle

income

variation

causes

inequality

inincome

but

not

inequality

in

living

standards.?

2012

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use.Problems

Measuring

InequalityTransitory

vs.

Permanent

Income:People

can

borrow

and

save

to

smooth

outtransitory

income

fluctuations.A

better

measure

of

inequality

in

livingstandards

would

be

based

not

on

current

income,but

on

permanent

income,

a

person’s

normalincome.Economicmobility:Many

people

move

among

income

classes.The

poverty

and

inequality

measuresdiscussed

above

do

not

distinguish

betweenthe

temporarily

poor

and

the

persistently

poor.?

2012

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use.The

Political

Philosophy

ofRedistributing

IncomeWe

consider

threephilosophies:UtilitarianismLiberalismLibertarianism?

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use.UtilitarianismUtility: a

measure

of

happiness

or

satisfactionUtilitarianism: argues

that

govt

should

choosepolicies

to

maximize

society’s

total

utilityFounders: Jeremy

Bentham,

John

StuartMillBecause

of

diminishing

marginal

utility,redistributing

income

from

rich

to

poor

increases

utility

of

the

poor

more

than

it

reducesutility

of

the

rich.Yet,

utilitarians

do

not

advocate

equalizingincomes

–

would

reduce

total

income

of

everyonedue

to

incentive

effects

and

efficiency

losses.?

2012

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use.LiberalismLiberalism: argues

that

govt

should

choosepolicies

deemed

to

be

just

by

an

impartial

observerbehind

a

“veil

ofignorance”Founder: John

RawlsMaximin

criterion: govt

should

aim

tomaximizethe

well-beingof

society’sworst-offpersonCalls

for

more

redistribution

than

utilitarianism(though

still

not

complete

equalization

of

incomes).Income

redistribution

is

a

form

of

social

insurance,a

govt

policy

aimed

at

protecting

people

againsttherisk

of

adverse

events.?

2012

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use.LibertarianismLibertarianism: argues

that

govt

should

punishcrimes

and

enforce

voluntary

agreements

but

notredistribute

incomeAdvocate: Robert

NozickInstead

of

focusing

on

outcomes,

libertarians

focuson

theprocess.Govt

should

enforce

individual

rights,should

try

to

equalize

opportunities.If

the

income

distribution

is

achieved

fairly,govt

should

not

interfere,

even

if

unequal.?

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use.Policies

to

Reduce

PovertyPoor

families

more

likely

to

experiencehomelessnessdrug

dependencehealth

problemsteen

pregnancyilliteracyunemploymentMost

people

believe

govt

should

provide

a“safetynet.”We

now

consider

a

few

such

policies…?

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use.1.

Minimum-Wage

LawsArguments

for:Helps

the

poor

without

any

cost

to

the

govt.Little

impact

on

employment

if

demandforunskilled

labor

is

relatively

inelastic.Arguments

against:In

the

long

run,

demand

for

unskilled

labor

islikely

elastic,

so

minimum

wage

causessubstantial

unemployment

among

the

unskilled.Those

helped

by

minimum

wage

are

more

likelyto

be

teens

from

middle-income

families

thanlow-income

adult

workers.?

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use.2.

WelfareWelfare: govt

programs

that

supplement

theincomes

of

the

needyTemporary

Assistance

for

Needy

Families

(TANF)Supplemental

Security

Income

(SSI)Critics

argue

that

such

programs

create

incentivesto

become

or

remain

needy,

argue

that

welfarecontributed

to

the

rise

of

the

single-parentfamily.However,

the

severity

of

such

incentive

problemsisunknown.Proponents

note

thatinflation-adjustedwelfarebenefits

fell

as

single-parent

families

increased.?

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use.3.

Negative

Income

TaxNegative

income

tax:

a

tax

system

that

collectsrevenue

from

high-income

households

and

givestransfers

to

low-income

householdsExample:

Taxes

owed

=

(1/3

of

income)

–

$10,000If

earnings

=

$90,000,

taxes

owed

=

$20,000If

earnings

=

$60,000,

taxes

owed

=

$10,000If

earnings

=

$30,000,

taxes

owed

=

$0If

earnings

=

$15,000,

taxes

“owed”

=

–$5,000i.e.,

would

receive

$5,000

payment

fromgovtThe

Earned

Income

Tax

Credit

(EITC)

is

similar

toa

negative

income

tax.?

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use.4.

In-Kind

TransfersIn-kind

transfers

are

goods

or

services

provided

tothe

needy.

Examples:homeless

shelterssoup

kitchensfood

stamps,

govt

vouchers

redeemablefor

food

at

grocery

storesMedicaid,

govt-provided

healthcare

for

the

poorAnalternative: cash

paymentswould

allow

people

to

buy

what

they

most

needbut

critics

argue

could

be

used

for

drugs,alcohol?

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use.Anti-Poverty

Programs

and

Work

IncentivesAssistance

from

anti-poverty

programsdeclines

as

income

rises.The

result: Poor

families

face

high

effectivemarginal

tax

rates

(exceeding

100%

in

somecases!).Such

policies

therefore

discourage

the

poor

fromescaping

poverty

on

their

own.One

possible

solution: “Workfare,”

asystemrequiring

people

to

accept

government

jobs

whilecollecting

benefits.?

2012

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use.CONCLUSIONPoverty

is

one

of

society’s

most

seriousproblems.One

of

the

Ten

Principles

from

Chapter

1: Governments

can

sometimes improve

market

outcomes.Public

policy

can

help

reduce

poverty

andinequality.Another

principle:

People

face

trade-offs.Policies

designed

to

improve

equityoften

sacrifice

efficiency,

so