Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your module 7 material has covered various perspectives, orthodox and heterodox, on who gets paid how much and why.Recognizing that income inequality is a fact

Your module 7 material has covered various perspectives, orthodox and heterodox, on who gets paid how much and why.Recognizing that income inequality is a fact of modern capitalist economies (as well as any other type of economy), discussions on the topic often focus on whether or not that inequality is morally objectionable; however, in economics we're concerned first and foremost with understanding thecausesof that inequality.As you've learned in this module, neoclassical theory tends to relate a person's income to her contribution--her 'productivity'--with the assumption that a profit maximizing firm wouldn't pay someone more than what they contributed to the bottom line.Heterodox economists, on the other hand, often take a more holistic approach, understanding incomes as the result of different classes conflicting and cooperating in various ways that determines the distribution of what the economy produces.

In this week's discussion, use one (or both) of these perspectives to explain a particular topic or example of your choice concerning the distribution of income.How does that perspective help us understand the underlying causes of 'who gets paid how much and why'?What are the limitations of that perspective in addressing the issue generally?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics Principles Applications And Tools

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

7th Edition

978-0134089034, 9780134062754, 134089030, 134062752, 978-0132555234

More Books

Students also viewed these Economics questions

Question

1 . Television News channels importantance of our Life pattern ?

Answered: 1 week ago

Question

1. How is the newspaper help to our daily life?

Answered: 1 week ago

Question

=+ 4. How can policymakers infl uence a nations saving rate?

Answered: 1 week ago