Proposed means of implementation are more vague and more difficult to quantify and to develop indicators that will help measure progress towards reducing inequalities. Further thinking is needed. Specific proposed means include: 1 upholding the principle of special and differential treatment for least developed countries LDCs ; 2 directing official development assistance and encouraging financial flows, including foreign direct investment to countries in special situation such as LDCs, African countries, small island developing States, and landlocked developing countries; and 3 reducing the cost of migrant remittances transfers to below 5 per cent.
Whether the targets and means under SDG 10 and SDG 17 will reduce inequalities by , depends on the robustness of indicators selected to guide and monitor progress, the presence of political will for regional and international cooperation to rebalance the global system, and strengthened policy coherence.
Tackling within country inequalities will require increased policy and fiscal space at the national level to enact the country-specific mix of policies needed to lift all boats and, in particular, to increase the income of those at the bottom.
Two crucial variables will be jobs and wages. Job creation remains the only assured way of tackling poverty on a sustained basis, in particular where the labour force is expanding rapidly.
But rising wages are also necessary to expand domestic demand, increasingly seen as an essential component of more sustainable growth UNCTAD, Countries will thus have to build the kind of infrastructure and productive capacity that lead to a more diversified economy, moving away from dependence on commodities and achieving some degree of success in more sophisticated industrial activities, which relies on industrial policy. Addressing imbalances arising from the international economic system will require global reforms of financial, investment, trade, monetary and fiscal system in order to reduce volatility.
International conventions against tax avoidance and evasion to stem the use of tax competition and tax havens to circumvent fiscal responsibilities would help ensure sufficient financing for long-term investment projects of the kind that are required to achieve the inclusive and sustainable development paths.
Making mandatory and extending the Extractive Industries Transparency Initiative would also help mobilize domestic resources. While global reform will be slow, greater stability at the regional level can be generated by building up alternative rules and institutions to provide a degree of protection from financial shocks, requiring significant amount of capacity-building, South-South and triangular cooperation and also a fiscal cooperation space.
Finally, an integrated policy framework that reflects all development models and ensures policy coherence across goals will be needed to assure that social, economic and environmental goals are mutually supportive.
Unequal access to opportunity offends deeply held American values, and poverty is not only a matter of near-term material deprivation—too often, it also robs low-income children of the chance to realize their intellectual and economic potential. Boosting mobility will require reductions in wage, income, and wealth inequalities. For many in the opportunity-not-inequality camp, the relationship between the two concepts is an inconvenient truth.
Many politicians and analysts would rather not address the power imbalances that have channeled so much of our economic growth to the highest-income families. But a growing body of research shows strong links among inequality, poverty, and opportunity.
For example, new research by Elise Gould of the Economic Policy Institute reveals that of the factors most commonly cited as driving poverty in America—education, family structure, race and more see chart below —the number-one factor by far is the growth in inequality, which added seven percentage points to the poverty rate since the late s.
So why is that? How is it that inequality reduces mobility and deepens poverty? The relationship between childhood family income and life outcomes is well-established. Research by Raj Chetty of Harvard and his colleagues links every percentile-point gain in childhood income rank with a 3. In addition, a large and growing body of evidence, recently reviewed by Katharine Bradbury and Robert Triest of the Federal Reserve Bank of Boston, directly connects inequality of outcomes to inequality of opportunity.
As just noted, rising inequality implies that the income and wealth generated by GDP and productivity growth increasingly flow to those at the very top of the scale.
As a result, relatively fewer resources reach everyone else. Research indicates at least three causal pathways via which inequality constrains opportunity for those at the lower end of the economic spectrum. First, inequality is driving increasing residential segregation by income. My concern is thus not with income inequality in itself but with its consequences, in particular its consequences for how economies and societies operate and thus affect the well-being of people.
Does income Use this link to get back to this page. Why inequality matters: some economic issues. Author: Nancy Birdsall. Date: Oct. Document Type: Article. Prakash Krishnamoorthy - manuscript. Added to PP index Total views 64 , of 2,, Recent downloads 6 months 1 , of 2,, How can I increase my downloads? Sign in to use this feature. About us. Editorial team. No keywords specified fix it.
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