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In this article Dr. John Richards of Tonbridge School, examines how income distribution is skewed in the UK and how this results in part of our population living in relative poverty. In the November issue he will look at ways in which the government attempts to resolve these problems.
Summary of Key Points
* Income is a flow which is generated over time.
* Poverty, which stems from a lack of income, can be absolute or relative.
* In the UK about 18% of the population live in households that fall within the definition of 'relative poverty'.
* Income inequality can most easily be seen by using a Lorenz Curve.
* Income inequality is caused by factors including differences in earnings, economic status, household circumstances and government policy.
PDF format: 5 A4 pages. First published in Economics Today magazine September 2002.
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