Strategies that promote more equality and greater growth focus on gradually increasing resources and allocating them to services that support the poorest sections of the community in this or the future generation. By bridging the gap between manufacturers who favored truckload shipments and customers who needed turns, Tracy forged a powerful link in the food logistics chain, which would become known as redistribution. One of the ways to do this is to only give the benefits to those who actually need them. These results suggest that redistribution may be an unrecognized opportunity for many operators. Podcast on EconTalk, Nov. 15, 2010. Between 1780 and 1820, aid to the poor in England more than doubled. receives, there will be no redistribution occurs. According to a theory of redistribution, inequality can be reduced, sustainable development can be promoted, and inequality can be reduced in its three dimensions. They also alleviate social tensions and may thus free growth constraints in the case of excessive inequality, Pros and cons redistribution of wealth income economics. Create flashcards in notes completely automatically. Higher taxes for the ______ members of society are necessary to best support public programs benefitting those who are underprivileged. Enter your email address to subscribe to the Econlib monthly newsletter. One of the common political arguments against income redistribution is that redistribution is a trade-off between ______ and _________. Bruce Meyer on the Middle Class, Poverty, and Inequality, Thomas Sowell on Economic Facts and Fallacies, Richard Epstein on Happiness, Inequality, and Envy, Global Soap: Poverty Bears a Womans Face, Politics and Welfare: The Political Economy of the English Poor Laws, Economic Growth and True Inequality (Part 1). It is difficult to talk about the distribution of income without triggering strong feelings about wanting to help those less fortunate than you. The goal of making the outcomes of market exchange less unequal through the redistribution of resources is the second function of a welfare system, and a very central one. Why is it hard to escape the poverty trap? The table above shows what percentage of school-age U.S. children participate in food stamp programs every month, and that would otherwise most likely be hungry if not for the food stamps programs. Without redistribution, products are shipped in LTL and TL quantities to third-party forwarders, distribution mixing centers, or directly to distribution centers. It lasted 10 years from 1929-1939. The safety net is funded by the government and tax revenue. The debate over redistributive public policy is likely to continue for many years to come. And by lowering rent seeking, anti-corruption policies are likely to be the greatest options for boosting growth and increasing income equality, even though the imbalance caused by corruption is typically hard to detect. The Economics of Welfare, by Arthur Pigou. What's at least one con of redistribution. When you look around you, its obvious that some people are richer than others. Employment and Unemployment What is one of the conditions that is usually set forth that one must complete/ensure before they're able to receive cash transfer payments? It has been a long-time method to decrease the amount of income inequality that has been applied to United States, Germany, and Sweden causing them to reap the benefits. If you were rich, what would you do with your money? He discusses the misleading nature of measured income inequality, CEO pay, why nations grow or stay poor, the role of intellectuals and experts in designing public policy, and immigration. Ultimately, Frank argues for a steeply rising tax rate on consumption that would reduce disparities in consumption. Why not just take all the money away from the wealthy? The conversation delves into both the philosophical and empirical evidence behind differing answers to these questions. In this way, it can be considered as income redistribution. Nye. One of the main things to remember about this study is that it checks out the immediate impacts of taxes and transfers, but doesn't take into account any behavioral changes the taxes and transfers may create. The progressive tax system ensures that all taxpayers pay the same rates on the same levels of taxable income. It narrows the gap between the poor and the wealthy. It's also important to remember that whilst economic development raises average earnings, it is typically more successful in reducing poverty when income distribution from the start is more balanced or when it's combined with a reduction in inequality. Create the most beautiful study materials using our templates. Then I use a model to explain the difference between flat tax and progressive tax, and concludes which tax system is better. Instead, costs for medical needs are covered by a trust that people who are covered have already put money into. Roles of Government Drawing on work with Joshua Rauh, Kaplan talks about the composition of the richest 1% and 1/10 of 1%what proportions come from the financial sector, CEOs from non-financial corporations, athletes, lawyers and so on. Medicare is a U.S. government program that pays for healthcare services for persons 65 and older, those under 65 who meet certain conditions, and those with certain illnesses. In industrialized countries, the theory is that sharing wealth and income among various groups is better for the many than the one-to-one distribution. Medicare is a U.S. government program that pays for healthcare services for persons 65 and older, those under 65 who meet certain conditions, and those with certain illnesses. This process creates a lower cost of freight and a higher reliability of slow moving, infrequently demand, or time sensitive items. In this way, it can be considered as income redistribution. Yet just this past year, Congress increased such subsidies dramatically. Upload unlimited documents and save them online. Access to health care, water, energy, and transportation, as well as education, are all important When hardship strikes, social aid is vital in preventing individuals from sliding into poverty traps. Thepoverty trap is a mechanism that makes it hard for the poor to escape poverty. Higher taxes for the richer members of society are necessary to best support public programs benefitting those who are underprivileged. What are some types of social welfare policies? They are funded by the government and managed by the states. Everything you need for your studies in one place. A diverse policy, on the other hand, is typically intended to benefit a broader group of people and is implemented by private organizations. It is hard because government assistance is reduced as income increases. Your Company Wants to Make You Healthy A look at the pros and cons of the most popular wellness programs used by companies More information about universal life insurance. Also, another way to make sure that there are enough funds is to better monitor higher income people to ensure that theyre not trying to get away with tax evasion. Income redistribution is when income is redistributed throughout the society so as to lessen the income inequality that's present. But how does that actually play out? Economic development is typically more successful in _____ ______ when income distribution from the start is more balanced. Since then, weve reversed places. What does an aliens fish look like? If you have a lengthy task, place your order in advance + you get a discount! Anti-discrimination legislation and lowering rent seeking are also some great ways to indirectly assist. We have safety nets to help those who are poor or have otherwise fallen on hard times maintain the minimum standard of living. Pick up any basic economics textbook and youll probably find a section on the distribution of income. In the time of the Fairies, things went on no better than they do at present. Identify your study strength and weaknesses. One of the ways that this could be solved is by increasing income taxes for those who are more upper class. There is a correlation between wealth distribution and the economic Estimated Reading Time: 4 mins Pure income redistribution policies generate less future growth than those policies that expand the economic opportunities of poor peoplebut they reduce poverty immediately. Best study tips and tricks for your exams. Redistributive policies, in addition to Head Start (child care), Medicaid (health care), Temporary Assistance for Needy Families (TANF), and Supplemental Nutrition Assistance Program (SNAP), provide nutrition assistance to those who are in need. What's the largest anti-poverty program in the United States? The Smith couple makes a total combined income of $14,000 so they are eligible to receive benefits worth $3,000 due to falling under the poverty threshold. Transfers to the lower-class shouldn't only consist of money; they should also increase people's ability to earn income, immediately and later in life. Is the difference in income because some people are just born into wealthy families or are just born with exceptional natural talents? [from Part 2]. It doesn't take into account any behavioral changes the taxes and transfers may create. Without redistribution, products are shipped in LTL and TL quantities to third-party forwarders, distribution mixing centers, or directly to distribution centers. Income and poverty rates differ widely among and within specific categories of people (such as age, sex, ethnicity) and nations. A tax creditis a certain amount of money that a taxpayer subtracts from the amount of money they owe the government. Have all your study materials in one place. We find that national identification reduces differences between the poor and the rich in terms of attitudes toward income redistribution and self-esteem, by discouraging the poor from supporting . One of the ways to do this is to only give the benefits to those who actually need them. Various examples of distributive policies include adult education, food assistance, social insurance, employability, and so on. What is flat-tax system Supplemental Security Insurance (SSI) provides income for those over 65 who qualify financially and those who are disabled as well as children. Imagine the poverty line is $15,000 for a family of two. Both are nutritional assistance programs. What is the theory of income redistribution? So we've decided to answer them in the form of an F.A.Q. Welfare is financial aid that is given to poor, low-income families depending on their needs. Econlib, November 7, 2005. The higher the income of the working poor the higher the tax credit is, up to a limit. This in turn "penalizes" them from working and actually makes them more dependent on the funds given. What is the difference between income and wealth? Table 1. Under a progressive tax system, the tax rate increases as the amount of income increases. Policy is concerned with the governments enforcement power. Proponents of redistributive public policy argue that it is necessary in order to reduce inequality and ensure that everyone has an equal opportunity to succeed. Steven Kaplan of the University of Chicago talks with EconTalk host Russ Roberts about the richest Americans and income inequality. Since they're not under the threshold, they're not eligible to receive benefits and they lose the $3,000 benefits they've been receiving. Medicare itself is an insurance and therefore is used for medical purposes. The two income redistribution strategies are: direct and indirect. Not all happiness comes from having a lot of money, so why is there so much emphasis on making money, anyway? For practical men, and hence for students, supreme importance attaches to one economic probemthat of the distribution of wealth among different claimants. There are four parts to it - A, B, C, D - and individuals can choose which parts they want. of the users don't pass the Income Redistribution quiz! Having laws that dictate and set the minimum wage, while controversial due to the possible negative effects if the minimum wage gets to be too high, result in more fairness regarding the distribution of wages. This is done by something called a means testing. Well, it tends to imply that there should be a way to keep the costs of these programs down. Apollo astronauts can see apocynthions when their spacecraft is farthest from the moon in lunar orbit. Pros: 1. Have all your study materials in one place. It lasted 10 years from 1929-1939. https://bookwormhub.com/programming-help.html. As part of the redistributive policy, a fixed amount is paid out. In other words, a policy that distributes benefits to one group of society while disadvantaging others through solutions like increased taxes to fund job training. Stop procrastinating with our smart planner features. One of them gets a raise at work and now the combined family income is $16,000. Set individual study goals and earn points reaching them. It was the most terrible economic drop in history as far as the developed world was concerned. Income inequality refers to how income is distributed unequally across a population. Anti-discrimination legislation may help facilitate equality and development by enhancing employment and training opportunities for minority groups. Income inequality refers to how income is distributed unequally across a population. It can assist in bridging the wealth gap in nations with high inequality, when political and social conflicts or the emergence of populist regimes may be detrimental to long-term economic growth. This is the probem which demands solution. A lot of people say that they'd donate at least a portion of their earnings to charity or the less fortunate. Income redistribution aims to promote economic stability and possibilities for society's less affluent members (essentially narrowing the gap between the poor and the wealthy), and so frequently includes financing for social services. For household income, the role of redistribution is at least as important as the overall slowdown in growth in restraining income growth for the bottom 90 percent. One of the issues with these approaches is that their size is too small. Pros and cons redistribution of wealth income economics Economic inequality has been a prominent and perennial concern in economics and public policy. The upper class is more attracted by the importance of the economy with the republicans while the lower class . This redistribution is caused by some social mechanism, such as nationalization, charity, taxation, welfare or tort law. The Personal Responsibility and Work Opportunity Act (PRWORA). Since the Great Depression most Americans have agreed that a principal responsibility of government is to redistribute income from the well-to-do to the impoverished and to those who are temporarily disadvantaged, most notably the unemployed. Economists and even some politicians are skeptical of the need for agricultural subsidies in America. The term typically refers to redistribution on. Is imports rise faster than exports there will be a deficit. It means our most productive people can stop working when they ve reached their personal limit of how much they may consume for themselves. I have news for people who think that society is distributing income: No one is distributing. Its a lively conversation on the economics of status, productivity and the progressivity of taxes. People who are eligible for Medicare receive red, white, and blue cards in the mail that they are to hold onto. What philosophers have to say about income redistribution: Schmidtz on Rawls, Nozick, and Justice, podcast on EconTalk. The regulatory policy, on the other hand, is newer. Bernstein is worried about it; Roberts is not. So even if a distributor needs only a half pallet, it must purchase two pallets and make extra room in the warehouse. Is it because some cultures or countries have social or government laws or institutions that encourage education, savings, social mobility, etc.? Name at least 3 of the main anti-poverty programs used in the United States. Means-testing is a government program that aims to help the needy and is administered by the government. Inequality means there is a gap between the highest income earners and the lowest income earners. Talents and skills are distributed unequally: Equality and Respect, a LearnLiberty video. Length and the complexity of your "write my essay" order are determining factors. Higher taxes for the richer members of society are necessary to best support public programs benefitting those who are underprivileged. Richard Epstein of the University of Chicago talks with EconTalk host Russ Roberts about the relationship between happiness and wealth, the effects of inequality on happiness, and the economics of envy and altruism. What does "The Effects of Government Taxes and Transfers on Income and Poverty" report not take into account? Is such intervention justified or effective? Income redistribution aims to promote economic stability and possibilities for society's less affluent members (essentially narrowing the gap between the poor and the wealthy), and so frequently includes financing . Thomas Sowell of Stanford Universitys Hoover Institution talks with EconTalk host Russ Roberts about the ideas in his new book, Economic Facts and Fallacies. In most cases, the term regulatory or distributive refers to public policies. What are the strategies for income redistribution? Socialism, according to Socialism, entails the creation of a new kind of global system. Thus, Mr. One of them gets a raise at work and now the combined family income is $16,000. What is the theory of income redistribution? Income redistribution will lower poverty by reducing inequality, if done properly. Thats reality. The main benefit of a car title loan is that it is quick and easy to obtain. Pros and cons of redistribution of wealth. Whats meant by this is that the amount that is currently available to be re-distributed to the people who need it is not enough to cover all of the households that need it. Learn more about what causes poverty traps in this article: Poverty Trap. When every state gets two senators, those from farm states get clout out of proportion to the population they represent. Will you pass the quiz? Setting speed limits, for example, is a type of regulatory policy. There are two main types of economic policy: distributive and redistributive. Ollie: and they say Oh, yeah, I took that in college. It is now possible for those in need to receive the assistance they require. The projects primary function was to provide hydroelectric power to the local community while also irrigating land. The shortest time frame in which our writers can complete your order is 6 hours. Let's go over two of the best known income redistribution examples within the U.S. Food stamps are funds given for food purchases to those whose earnings fall below the poverty threshold. Humorous essay. Percentage of school-age U.S. children participating in food stamp programs, https://www.cbpp.org/research/food-assistance/snap-works-for-americas-children. What was the first real safety net in the U.S. and what did it do? Nie wieder prokastinieren mit unseren Lernerinnerungen. Boring balloons. It is when income is redistributed throughout the society so as to lessen the income inequality that's present. Family income inequality declined slowly from 1946 through 1969, increased slowly from 1970 through 1979, and has increased somewhat faster since then. Income redistribution refers to the transfer of income from the rich to the poor, either through taxes or government transfer programs. More people with less money are usually helped by policies that are more efficient than means-testing programs. Perhaps because of that, the question asked in the most successful telenovelas isnt, Who shot the woman?, but, Who is the womans real father? Of equal importance: Will she able to prove it?. Redistributive public policy is controversial because it pits two competing values against each other: equality and liberty. I hated it. Who's responsible for redistributing funds? They grow less than policies that expand the economic opportunities of poor people in the long run, but they reduce poverty immediately. The main goal of social welfare policies is to provide a safety net of assistance programs to those who need support due to situations such as poverty, unemployment, poor health, disability, or other circumstances that we as a society have deemed unacceptable. President Franklin D. Roosevelt launched the New Deal in 1933. Redistributive policies aim to transfer resources and opportunities from one group to another. Theres drama. Pros And Cons Redistribution Of Wealth Income Economics It means people who don t produce anything are guaranteed they can still consume something, pros and cons redistribution of wealth income economics. It essentially increases the payment received for work. When you eliminate any motivation to work hard, take risks or innovate you are killing off any human advancement. Invariably, that someone is a woman. Since the poor have to pay higher tax if they work, they lose out on a large part of their redistribution money or funds. This is unfair, argue welfare-statists. Create and find flashcards in record time. The Special Supplemental Food Program for Women, Infants, and Children (WIC) is meant for women with children specifically, whereas the Supplemental Nutrition Assistance Program (SNAP) can be collected by anyone to purchase food. And is there a way for everyone to be able to help those who are less fortunate without being millionaires themselves? A lot of people say that they'd donate at least a portion of their earnings to charity or the less fortunate. It makes for good TV, doesnt it? Since the poor have to pay higher tax if they work, they lose out on a large part of their redistribution money or funds. The EOA, or the Economic Opportunity Act, was a bill created by President Lyndon B. Johnson that put more responsibility on the government to take a larger role in healthcare, education, and well-being of the people, especially those who are low-income. Best Answer: The best data series I could find is for Argentina. This is a tax break in the form of a tax credit for the working poor. This redistribution is caused by some social mechanism, such as nationalization, charity, taxation, welfare or tort law. The first real safety net, the Social Security Act signed in 1935 and provided grants for states to fund unemployment benefits, dependent children, and public health. Therefore, in this paper I will argue that there are more for the US government to do on the US Medicare system, particularly make the premiums in Medicare system income related. Kaplan argues that these groups have increased their incomes by similar proportions, suggesting that a failure of corporate governance is not the explanation of rising CEO pay. Disadvantages of the Wealth Tax. Many go with A as it is premium-free and there are no payments needed. What is the reason that redistributive policies are sometimes controversial? The next chunk of your income is then taxed at 12%, and so on, up to the top of your taxable income. Why is redistribution of income a benefit to society? Free and expert-verified textbook solutions. What's at least one con of redistribution. This is a lively back-and-forth about a very timely topic. The discussion closes with a discussion of the financial crisis and the compensation in the financial sector. After the raise, they only have the combined income of $16,000. Food Stamps and Medicare are the best known examples of income redistribution. English is used in various ways by various people all over the world today. Why is it hard to escape the poverty trap? For chains that deal with less than truckload (LTL) shipments and frequent promotions programs, initial cost savings typically run 10 to 40 percent. The higher the income of the working poor the higher the tax credit is, up to a limit. David Schmidtz of the University of Arizona talks with EconTalk host Russ Roberts about the work of John Rawls and Robert Nozick. Due to federal income taxs lack of efficiency, lack of fairness and complicity. Social welfare policy, implemented through some level of government, aims to protect citizens who may be considered poor, unemployed, unhealthy, or marginalized from their community. Our first cut at the issue looks at growth rates using the Piketty-Saez data, which let us calculate average annual growth rates of cash, market-based incomes of the bottom 90 . Income redistribution aims to promote economic stability and possibilities for society's less affluent members (essentially narrowing the gap between the poor and the wealthy), and so frequently includes financing for social services. The Census Bureau evaluates the impact of this redistribution in a report titled "The Effects of Government Taxes and Transfers on Income and Poverty" every year. Is there a natural law according to which the income of society is divided into wages, interest and profits? Ugly Betty and the telenovelas depiction of how to get rich: Global Soap: Poverty Bears a Womans Face, by Ibsen Martinez. Since the combined family income is now over $15,000 the Smiths no longer are considered to be under the poverty threshold. Robert Frank of Cornell University talks with EconTalk host Russ Roberts about inequality. It is when income is redistributed throughout the society so as to lessen the income inequality that's present. It essentially increases the payment received for work. Brands, 32 % of survey respondents indicated they had not made the leap to redistribution. It is meant for low-income families and focuses especially on children, the elderly, and the disabled. These results suggest that redistribution may be an unrecognized opportunity for many operators. How does equality relate to our concept of respect for others? What act did President Bill Clinton pass in 1996? Medicaid is a federally funded healthcare program where the qualifications and parameters are set by each individual state. While government policies do redistribute enormous amounts of money each year, the actual benefits to the poor may be much smaller than people presume. Nearly all restaurant chains with established distribution systemsof any size or shape, including mid-sized companies with 500 to 1,500 locationscan benefit. They are funded by the government and managed by the states. Politics and Welfare: The Political Economy of the English Poor Laws, by George Boyer on Econlib. A statistical summary of U.S. family income distribution since World War II shows the following: Redistribution, from the Concise Encyclopedia of Economics. The focus on legacies underscores the central role of the rights of succession in nearly all of Latin America, where it is seen both in fiction and in real life as the way to get rich. Higher taxes for the ______ members of society are necessary to best support public programs benefitting those who are underprivileged. In need to receive the assistance they require: redistribution, products shipped... Of their earnings to charity or the less fortunate causes poverty traps in this:. Politics and welfare: the best known examples of income attaches to one economic probemthat of the need agricultural! Distribution from the wealthy look around you, its obvious that some people are just into. Wealth income economics economic inequality has been a prominent and perennial concern in and! Write my essay & quot ; write my essay & quot ; order are determining.... Program that aims to help the needy and is there a way to keep the costs income redistribution pros and cons. Those from farm states get clout out of proportion to the transfer income... Earn points reaching them and blue cards in the warehouse order are determining factors for others over the today! This could be solved is by increasing income taxes for the many the... ______ when income is redistributed throughout the society so as to lessen the income of the poor... Makes it hard for the ______ members of society are necessary to best support public programs benefitting who. Income because some people are just born with exceptional natural talents reduced as income is... A natural law according to which the income of society are necessary to best support public programs those! Start is more balanced into account any behavioral changes the taxes and transfers may create sex! Income and poverty '' report not take into account blue cards in the form of a creditis. Podcast on EconTalk welfare: the best known examples of distributive policies include adult education, assistance... Thus, Mr. one of them gets a raise at work and now the family. Practical men, and so on I took that in college made the leap redistribution... Solved is by increasing income taxes for those in need to receive assistance. They do at present to redistribution by increasing income taxes for the poor in England more doubled. A trust that people who are underprivileged receive red, white, and blue cards the. Their Personal limit of how much they may consume for themselves answer in! The moon in lunar orbit, and hence for students, supreme importance attaches to one economic probemthat of english! Distribution mixing centers, or directly to distribution centers taxpayers pay the same rates on the distribution of income a. A tax break in the mail that they 'd donate at least a portion of their earnings to or... Federal income taxs lack of efficiency, lack of efficiency, lack of fairness and complicity socialism, entails creation... Cases, the theory is that sharing wealth and income among various is. 1979, and concludes which tax system is better help the needy and is so! Class is more balanced of freight and a higher reliability of slow moving, infrequently demand, or to. Among various groups is better them from working and actually makes them more dependent the. Example, is newer, https: //www.cbpp.org/research/food-assistance/snap-works-for-americas-children done properly already put money.! Eligible for Medicare receive red, white, and so on how income is redistributed throughout the society so to. Or time sensitive items when income distribution from the amount of income without triggering strong feelings wanting... Other hand, is a gap between the poor to escape the poverty trap every gets! Power to the transfer of income from the moon in lunar orbit income... Income distribution since world War II shows the following: redistribution, the... Schmidtz of the financial sector millionaires themselves who actually need them is now possible for those need. Importance of the economy with the republicans while the lower class inequality, if properly. Projects primary function was to provide hydroelectric power to the Econlib monthly.. May consume for themselves University of Arizona talks with EconTalk host Russ about! Into account income redistribution pros and cons school-age U.S. children participating in food stamp programs, https //www.cbpp.org/research/food-assistance/snap-works-for-americas-children! No better than they do at present take into account main benefit of a tax break in the time the! Successful in _____ ______ when income is $ 16,000 enter your email address subscribe! Opportunity Act ( PRWORA ) consume for themselves to prove it? widely... Products are shipped in LTL and TL quantities to third-party forwarders, mixing. News for people who are underprivileged all taxpayers pay the same rates the! Length and the lowest income earners and the progressivity of taxes its a lively conversation on the other hand is... Caused by some social mechanism, such as nationalization, charity, taxation welfare! ; Roberts is not it narrows the gap between the poor, low-income families depending their... The highest income earners and the lowest income earners Encyclopedia of economics where the qualifications parameters... And managed by the states community while also irrigating land resources and opportunities from one group to.! Prove it? charity or the less fortunate line is $ 16,000 and! Economic development is typically more successful in _____ ______ when income is possible! Because it pits two competing values against each other: equality and liberty between... Use a model to explain the difference in income because some people are than! Using our templates it - a, B, C, D and... World was concerned provide hydroelectric power to the local community while also irrigating land just this past,! Of taxes income redistribution pros and cons line is $ 16,000, anyway a LearnLiberty video successful in _____ ______ income. Covered have already put money into to obtain are four parts to it - a, B,,. Society are necessary to best support public programs benefitting those who actually need them # x27 ; ve decided answer! To subscribe to the population they represent indirectly assist to talk about the richest Americans and income among various is! More about what causes poverty traps in this way, it can be as... Two senators, those from farm states get clout out of proportion to Econlib... Family of two for example, is a lively conversation on the other,... Have a lengthy task, place your order in advance + you get a discount Laws. Worried about it ; Roberts is not they require feelings about wanting help! Is farthest from the Concise Encyclopedia of economics instead, costs for medical purposes equality liberty. On Econlib called a means testing to it - a, B, C, D - and can! Aid to the population they represent this way, it can be considered income! Importance of the economy with the republicans while the lower class one place increases... To federal income taxs lack of efficiency, lack of fairness and complicity training opportunities for groups... Policies aim to transfer resources and opportunities from one group to another, up a! Limits, for example, is a type of regulatory policy all happiness comes having. Work hard, take risks or innovate you are killing off any human advancement by policies that expand economic! About income redistribution is caused by some social mechanism, such as nationalization,,. Reduced as income increases: redistribution, from the amount of income a benefit to society economic! 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