Economics

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Economics
Period 4

• Wealth and Poverty
• (social welfare)

Eric Hsieh
Alex Yang
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What are we talking about? (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
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Whats that have to do with anything? (Poverty in
the UK)
- 13 Million people - 4 Million children
UK attitude laziness and lack of will-power
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Distribution of Wealth in the UK (reality is
cruel, indeed)
Statistics -no drastic change over time but the
rich got richer
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Distribution of Wealth in the UK (how things add
up in modern terms)
Statistics -poorest HALF share only 6 of
national wealth
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Gini Coefficient and the Lorenz Curve (if you
have no idea what they are, dont worry, youre
supposed to feel that way)
Max O. Lorenz
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Lorenz Curve (clashing of ideal world and real
world)
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Lorenz Curve Based on 2002 Data (two very
different worlds)
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Gini Index (no, not the kind that grants wishes)
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(No Transcript)
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UK Steps Against Poverty (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
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Pounds
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Image 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/engla
nd.html UK Map British Towns and Villages
Network http//www.british-towns.net/britain/uk_p
hysical_map.htm
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Works Cited Distribution of Personal Wealth. HM
Revenue and Customs. 2 Dec 2005. lthttp//www.hmrc.
gov.uk/stats/personal_wealth/menu.htmgt Gini
Coefficient. 26 Nov 2005. Wikipedia 2 Dec
2005. lthttp//en.wikipedia.org/wiki/Gini_coefficie
ntgt Lorenz Curve. 1 Dec 2005. Wikipedia. 2 Dec
2005. lthttp//en.wikipedia.org/wiki/Lorenz_curvegt
  Lorenz Curves. 4 April 2004. Duncan Williamson.
2 Dec 2005. lthttp//www.duncanwil.co.uk/lorenz1.ht
mlgt   Poverty Line. 29 Nov 2005. Wikipedia. 2
Dec 2005. lthttp//en.wikipedia.org/wiki/Poverty_li
negt   The Facts About Poverty in the UK. Oxfam UK
Poverty Programme. 2 Dec 2005. lthttp//www.oxfamgb
.org/ukpp/poverty/thefacts.htmgt