Economic inequality - Wikipedia
Owners of coal mines manage several externalities. Coal miners risk death or injury from a mining accident. They can get black lung disease from long exposure to coal dust. Extracting the coal diminishes the supply of a non-renewable resource, and burning coal is dirty. The environmental impact of the coal industry includes land use, waste management, and water and air pollution caused by the coal mining, processing and the use of its products.
In addition to atmospheric pollution, coal burning produces hundreds of millions of tons of solid waste products annually, including fly ash, bottom ash, and flue-gas desulfurization sludge that contain mercury, uranium, thorium, arsenic, and other heavy metals. Air pollution including anthropogenic climate change ; water pollution , depletion of the commons , and systemic risk are all important examples of negative externality.
A key skill in attaining a global perspective is to become aware of the externalities of any activity, then take action to reduce impact on others from that externality. Although Gross Domestic Product GDP per capita is not a measurement of the standard of living in an economy, it is often used as such an indicator , on the rationale that all citizens would benefit from their country's increased economic production. Similarly, GDP per capita is not a measure of personal income.
GDP may increase while real incomes for the majority decline.
GDP does not measure externalities , including wealth distribution and ecological damage. It also makes no distinction between activities that negatively impact well-being and those that contribute to it.
Personal Wealth from a Global Perspective (WIDER Studies in Development Economics)
For example, a fatal car crash increases GDP because it requires economic activity to care for the dead and injured, replace the destroyed cars and other property damage, and litigate the various injuries and other damages. Historically, economists have said that well-being is a simple function of income. However, it has been found that once wealth reaches a subsistence level, its effectiveness as a generator of well-being is greatly diminished.
No comprehensive model for attaining well-being is widely accepted. Until such a model emerges, the definition of good from the Virtues course provides a suitable surrogate for well-being. It may be helpful to imagine prosperity in terms of flourishing rather than as opulence. But personal wealth is also important for those of more modest means as a store of potential consumption, as a cushion against emergencies, and as collateral for business and investment loans.
This book is the first global study of household assets and debts. It documents not only the level, distribution, and trend of wealth holdings in rich nations, but also addresses developing countries like China and India. Have questions about this item, or would like to inquire about a custom or bulk order? If you have any questions about this product, contact us by completing and submitting the form below.
If you are looking for a specif part number, please include it with your message. Wolff E. National Bureau of Economic Research.
2. Different concepts and measures of inequality
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