Policy Recommendation
Running head: ECONOMIC POLICY RECOMMENDATION
Assignment 3: Economic Policy Recommendation
Dr. Camille Castorina
ECO 405 – Economic Problems and Issues
Briefly describe the economic problem you have selected.
According to text in today’s American economy, poverty is essentially an income distribution problem. The U.S. economy generates enough income to go around so that no one really has to live in poverty. But enough income does not go to everyone, and some people do live in poverty. Poverty is concerned with the relationship between the minimum needs of people and their ability to satisfy those needs. The difficulty with any definition of poverty involves the meaning of minimum needs and the amount of money required to satisfy these needs. (Ansel M. Sharp, 2010)
Those in poverty sometimes face an additional obstacle to earning an adequate income. Discrimination as we use it means that equals are treated unequally or that the ‘unequal’s are treated equally. Discrimination exists in the labor market when people with equal productivity are paid different wages or people with differences in productivity are paid equal wages. Discrimination can also exist in the product market when consumers pay different prices for the same product. (Ansel M. Sharp, Evidence of Discrimination in Our Economy, 2010)
Discuss the major impact to society of the problem.
In 2001, some six-point-eight million families, or nine-point-two percent of all families, lived in poverty. This translates into more than thirty-two-point-nine million individuals, a staggering number to many Americans who have never been personally touched by poverty. Indeed, some have characterized those who live in poverty as the hidden poor. Studies have shown that there is a significant turnover in the poverty population: Families and single individuals move into and out of poverty several times throughout the years in response to significant life events. Although no reliable estimate exists
Assignment 3: Economic Policy Recommendation
Dr. Camille Castorina
ECO 405 – Economic Problems and Issues
Briefly describe the economic problem you have selected.
According to text in today’s American economy, poverty is essentially an income distribution problem. The U.S. economy generates enough income to go around so that no one really has to live in poverty. But enough income does not go to everyone, and some people do live in poverty. Poverty is concerned with the relationship between the minimum needs of people and their ability to satisfy those needs. The difficulty with any definition of poverty involves the meaning of minimum needs and the amount of money required to satisfy these needs. (Ansel M. Sharp, 2010)
Those in poverty sometimes face an additional obstacle to earning an adequate income. Discrimination as we use it means that equals are treated unequally or that the ‘unequal’s are treated equally. Discrimination exists in the labor market when people with equal productivity are paid different wages or people with differences in productivity are paid equal wages. Discrimination can also exist in the product market when consumers pay different prices for the same product. (Ansel M. Sharp, Evidence of Discrimination in Our Economy, 2010)
Discuss the major impact to society of the problem.
In 2001, some six-point-eight million families, or nine-point-two percent of all families, lived in poverty. This translates into more than thirty-two-point-nine million individuals, a staggering number to many Americans who have never been personally touched by poverty. Indeed, some have characterized those who live in poverty as the hidden poor. Studies have shown that there is a significant turnover in the poverty population: Families and single individuals move into and out of poverty several times throughout the years in response to significant life events. Although no reliable estimate exists
References: Ansel M. Sharp, C. A. (2010). Evidence of Discrimination in Our Economy. In C. A. Ansel M. Sharp, ECO 405: Economics of Social Issues: 2010 Custom Edition (19 ed.) (pp. 192-193). Boston, MA.: McGraw Hill. Ansel M. Sharp, C. A. (2010). Government Attempts To Allievate Poverty. In C. A. Ansel M. Sharp, ECO 405: Economics of Social Issues: 2010 Custom ED. (19 ed.) (pp. 195-201). Boston, MA: McGraw Hill. Ansel M. Sharp, C. A. (2010). The Economic Causes of Poverty. In C. A. Ansel M. Sharp, ECO 405: Economics Of Social Issues: 2010 custom edition (19 ed.) (pp. 182-191). Boston, MA.: McGraw-Hill. Ansel M. Sharp, C. A. (2010). What Can Be Done About Discrimination. In C. A. Ansel M. Sharp, ECO 405: Economics of Social Issues: 2010 Custom ED. (19 ed.) (pp. 205-208). Boston, MA: McGraw Hill. Ansel M. Sharp, C. A. (2010). What is Poverty? In C. A. Ansel M. Sharp, ECO 405: Economics Of Social Issues: 2010 Custom Edition (19th ed.) (pp. 182-184). Boston, MA: McGraw-Hill Learning Solutions. Jr., D. M. (1967). Where We Are Going. Retrieved from Lovearth Network: http://www.drmartinlutherkingjr.com/wherewearegoing.htm