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EconomicsEconomicsWealth and PovertyWealth and Poverty
(social welfare)(social welfare)
Alex Yang Eric Hsieh
Period 4
What are we talking about?What are we talking about?(Definitions)(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?What’s that have to do with anything?(Poverty in the UK)(Poverty in the UK)
- 13 Million people - 4 Million children
UK attitude:‘laziness and lack of will-power’
Distribution of Wealth in the UKDistribution of Wealth in the UK(reality is cruel, indeed)(reality is cruel, indeed)
Statistics:-no drastic change over time but the rich got
richer
Percentage of Wealth Owned Over Time
0
5
10
15
20
25
30
35
Recorded Years
Per
cen
tag
e o
f W
ealt
h
Ow
ned Top 1%
Top 2%
Distribution of Wealth in the UKDistribution of Wealth in the UK(how things add up in modern terms)(how things add up in modern terms)
Percentage of Wealth Owned By Percentageof Population
23
30
43
56
74
94
0 20 40 60 80 100
1
2
5
10
25
50
To
p P
erce
nt
of
Po
pu
lati
on
Percentage of UK Wealth
Statistics:-poorest HALF share only 6% of national
wealth
Gini Coefficient and the Lorenz CurveGini Coefficient and the Lorenz Curve(if you have no idea what they are, don’t worry,(if you have no idea what they are, don’t worry,
you’re supposed to feel that way)you’re supposed to feel that way)
Max O. Lorenz
Lorenz CurveLorenz Curve(clashing of ideal world and real world)(clashing of ideal world and real world)
0
20
40
60
80
100
120
0 50 100 150
Percentage of UKWealth
Ideal Percentageof Wealth
Lorenz Curve Based on 2002 DataLorenz Curve Based on 2002 Data(two very different worlds)(two very different worlds)
UK Gini Coefficient By Year
60
62
64
66
68
70
72
1976
1979
1982
1985
1988
1991
1994
1997
2000
Year
Co
effi
cien
t
Gini Coefficient
UK Steps Against PovertyUK Steps Against Poverty(the arduous struggle)(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
Image creditsImage credits Lorenz curve example: Penn State University:http://450.aers.psu.edu/images/lorenz.gif
Cartoon pound sign: CartoonStock: http://www.cartoonstock.com/lowres/cfr0021l.jpg Corrado Gini: University of York:http://www.york.ac.uk/depts/maths/histstat/people/gini.gif
Pound note: Guardian International Currency Corp: http://www.guardianfx.com/information/europe/england.html
UK Map: British Towns and Villages Network:http://www.british-towns.net/britain/uk_physical_map.htm
Works Cited
Distribution of Personal Wealth. HM Revenue and Customs. 2 Dec 2005.<http://www.hmrc.gov.uk/stats/personal_wealth/menu.htm>
Gini Coefficient. 26 Nov 2005. Wikipedia 2 Dec 2005.<http://en.wikipedia.org/wiki/Gini_coefficient>
Lorenz Curve. 1 Dec 2005. Wikipedia. 2 Dec 2005.<http://en.wikipedia.org/wiki/Lorenz_curve> Lorenz Curves. 4 April 2004. Duncan Williamson. 2 Dec 2005.<http://www.duncanwil.co.uk/lorenz1.html> Poverty Line. 29 Nov 2005. Wikipedia. 2 Dec 2005.<http://en.wikipedia.org/wiki/Poverty_line> The Facts About Poverty in the UK. Oxfam UK Poverty Programme. 2 Dec 2005.<http://www.oxfamgb.org/ukpp/poverty/thefacts.htm>