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Micro Economics b. Suppose the taxpayer is an expected utility maximizer with strictly increasing Bernoulli utility function u(W), where W is final wealth. Write down the corre-sponding maximization problem. c. Characterize the optimal solution, x*, to the maximization problem in b. Be careful with both bounds, 0 and y. d. Provide a condition under which […]
Income and wealth inequality Describe how a country can measure its income inequality. Evaluate the trend in the measure of income inequality for the United States from 1940–to 2020. Evaluate the roles of globalization and advances in technology as causes of widening income inequality in the United States. Compare wealth inequality to income inequality. Explain […]
Go to the link below to read an excerpt from Andrew Carnegie’s 1889 essay “Wealth.” Then, in a 2-3 page essay, summarize his argument, concentrating especially on his recommendations for what wealthy Americans should do with their wealth. Why does Carnegie think America would be better off if rich people followed his advice?
