Does Economic Growth Equal Economic Development? | The Global Economy | IB Economics Exam Review
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- Опубліковано 5 жов 2024
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Do I understand you right in you saying that inequality leads to economic development? That is not only a sad statement, but also not true. Of course there will be some rise in inequality when economies develop, but inequality is a societal choice. E.g. South Korea, Japan, Sweden, Netherlands develop(ed) with quite equal societies. The USA, and now China allow inequalities, which leads to big problems in inclusive development, and will hinder, at a certain point, even economic growth, and undermine societal trust. No need for increased inequality, although some might arise, but than government (and society) has the obligation to act to decrease the arising inequality.
5:19 - He has not said that inequalities create economic development but when rich people invest in the country, such as building factors, the middles class can grow and that leads to development.
@@cesurbasoglu4144 The UNDP and economists in general attribute a high importance to inequality, but ? Simon Kuznets (Kuznets, 1955) brought up the idea of “optimal inequality”, which would be the level of inequality, which should be acceptable for attaining high economic growth. The shows that inequality increases in early stages of development and decreases in later development stages representing an inverted U-shaped curve (mainly because in early development stages investment opportunities bring high returns, while cheap rural labor influx still depresses the wages of the masses). But empirical data has shown that this Kuznets effect does not happen in most countries, and that there are different income equality and inequality levels for different countries during comparable development phases. For instance, South Korea and Japan developed very fast with a low and diminishing inequality, while e.g. China now develops with quite a high Gini coefficient. Highly developed countries like Sweden and Norway have relatively equal income distributions, while e.g. the USA has a high Gini coefficient. Economists furthermore do not agree on which level of inequality is acceptable, and even if (high) inequality is bad for economic growth at all. There are mainly three quite different visions:
he didnt say that inequality is good. he said that econ growth leads to inequality, but that there is a trickle down effect of wealth over time to a certain extent