DE LA SALLE UNIVERSITY-DASMARINAS

COLLEGE OF LIBERAL ARTS AND COMMUNICATION

Social Sciences and Humanities Department
Ethics
Final Exam

Submitted by:
Curato, Strawberry

PSC22

Submitted to:
Jumel G. Estrañero (Sir. Stranger)

In Partial Fulfillment
of the Requirement for the course
G-SOSC004 - Ethics

The Earnings Inequalities; Poverty, and Growth in the Economy

I. Prelude

Poverty, growth in the economy, and earnings inequality are all interconnected
problems that affect the social and economic environments of countries all over the
world. The difference in income among individuals or groups is referred to as earnings
inequality, and it can be caused by several things, including disparities in access to
resources, work opportunities, education, and capabilities. This inequality often acts as a
reflection of more serious structural issues in an economy.

Lack of sufficient financial resources to meet basic living needs is one of the results of
having income disparities that can cause poverty. A substantial amount of income
inequality can worsen poverty by preventing people from getting opportunities and basic
services like health care, housing, and education. On the other hand, widespread poverty
may worsen income inequality by preventing individuals from investing in their
economic potential.

The increase in GDP is a measure of an economy's growth and usually used to decrease
poverty and improve living standards in a country. Yet, there is a distinct relationship
between the expansion of the economy and income disparity. If the benefits of rapid
growth in the economy aren't distributed fairly, then income gaps may worsen. On the
other hand, equitable growth guarantees that economic advantages are widely distributed
across society, which can help reduce poverty and income inequality.

Understanding the mechanisms behind earnings inequalities and poverty, and how they
interact with economic growth, is crucial for creating effective policies that promote
inclusive development. This study aims to explore these relationships, providing insights
into how different countries address these issues and what strategies might be effective in
promoting more equitable and sustained economic growth. By analyzing both developing
and developed nations, this research seeks to contribute to the ongoing conversation on
economic inequality and poverty reduction

Addressing poverty, financial growth, and profit inequality requires a multifaceted

approach, considering the unique settings of both developing and created countries.
Approaches ought to focus on making strides get to education and healthcare,
guaranteeing equal opportunities within the labor market, and implementing reasonable
tax collection frameworks. Investments in education and professional preparation can
diminish skill crevices, whereas social safety nets like unemployment benefits and
reasonable housing can mitigate the immediate impacts of poverty. Tax changes in
created countries and support for agriculture and small businesses in creating countries
can foster comprehensive development. International participation and support from
global institutions are pivotal for feasible advancement. By handling the root causes of
disparity and promoting comprehensive development, we are able to make a more fair
and prosperous society..
II. Body

Poverty, economic growth, and income inequality are all interconnected problems
that have a significant impact on the social and economic landscape of every country. The
difference in earnings between individuals or groups is known as income inequality, and
it can be due to a number of things, such as unequal access to resources, job
opportunities, education, and skills. This inequality frequently reflects more serious
structural issues in an economy. For example, educational disparity limits people's
employment options and earning potential in many developing countries, which fuels the
poverty cycle. This disparity has been made worse by globalization and advances in
technology, which have increased the demand for skilled labor and put unskilled workers
behind.

Furthermore, poverty reduces demand and hinders economic progress by limiting

the consumer base available to businesses. Economic growth and income disparity have a
complicated relationship, despite the commonly held belief that growth reduces poverty.
According to the Kuznets Curve hypothesis, as a nation grows economically, inequality
in income first rises but then gradually falls. The idea is challenged by recent
information, which indicates that income inequality is still increasing in many rapidly
rising economies. Despite their notable economic growth, China and India, for instance,
have substantial earnings gaps, which are frequently the result of poor redistributive laws
and wealth accumulation within a few wealthy individuals.

On the other hand, a few industrialized nations, including those in the Nordic region,
have managed to achieve both economic growth and a relatively low-income gap. These
nations have strong social safety nets and progressive taxation structures. To solve these
difficulties, policies are needed. Distributing wealth and offering a safety net for
marginalized groups can be accomplished through progressive taxes, expenditures in
education and vocational education, and extensive social welfare programs. Countries
with more equitable income distribution and lower rates of poverty include Canada and
Germany. Furthermore, ensuring that fair labor practices are promoted by labor rights
safeguards and minimum wage regulations guarantees that economic growth benefits all
facets of society. Studying particular case studies provides useful data about how various
nations tackle poverty and wealth inequality. Brazil's Bolsa Família program has
significantly lowered poverty and inequality by giving low-income families financial
support in return for their children attending school and getting vaccinations.

Moreover, in spite of its richness, the United States suffers from income disparity
because of things like low minimum wages, a lack of universal health care, and the high
cost of education. Scandinavian countries, on the other hand, such as Sweden and
Denmark, can effectively combine economic growth with low-income disparity because
of their large welfare states, strict labor laws, and high taxes on the wealthy. To combat
poverty and income disparity on a worldwide scale, international organizations are also
important. By 2030, the Sustainable Development Goals (SDGs) of the UN aim to end
poverty and minimize inequality. With a focus on inclusive growth strategies, the World
Bank and the IMF offer developing nations financial support as well as policy guidance.
 The Organization for Economic Co-operation and Development (OECD) advocates
for inclusive economic policies that prioritize social safety, healthcare, and education in
order to improve economic and social well-being globally. It is essential to comprehend
the intricate connections between inequality of income, poverty, and economic growth to
formulate effective policies that foster sustainable and equitable development. Through
examining these connections, this study hopes to shed light on how various nations
handle these issues and identify feasible strategies for promoting fair and steady
economic growth. This study seeks to add to the ongoing debate on economic inequality
and poverty reduction by evaluating both emerging and developed countries. In the end, it
hopes to advise stakeholders and policymakers on how to build healthier and inclusive
societies.

III. Analysis

The portion of the paper that is presented discusses the ways in which poverty,
economic growth, and income inequality are intertwined and influence the economic and
social circumstances of countries across the globe. It begins by explaining how disparities
in opportunities, resources, education, and skill sets lead to economic inequality. These
discrepancies, particularly in developing nations where poverty continues to grow by
education disparities, are frequently the result of systemic difficulties within economies.
It also addresses the intricate connection between income disparity and economic growth,
raising doubt on the conventional Kuznets Curve hypothesis and providing examples of
growing inequality in rapidly developing nations like China and India.

The paper also contrasts the approaches taken by other nations to combat poverty and
income inequality. It makes a comparison between the difficulties the United States has
as a result of things like low minimum salaries and poor healthcare and the success
stories of countries like Canada and Germany. It also highlights how successful welfare
structures, such as Brazil's Bolsa Família, are in reducing inequality and poverty. Also,
the paragraph emphasizes how international institutions like the OECD, World Bank,
IMF, and UN encourage inclusive growth methods and provide funding to developing
countries.

IV. Recommendation

Legislators should give comprehensive social policies—which include powerful social

safety nets, accessible healthcare, high-quality education, and fair labor practices—a top
priority to effectively combat poverty and income disparity. In furthermore, investments
in human capital development, targeted welfare programs, and progressive taxation are
essential for fostering equitable economic growth. By enacting such policies, nations can
aim to create more sustainable and inclusive societies, which will ultimately result in a
decrease in global poverty and income inequality.
 V. Conclusion

Economic improvement, wage inequality, and poverty are closely related issues that
call for mindful examination and concerted effort to resolve. In spite of the fact that
financial growth is regularly thought of as a implies of calming poverty, within the
absence of rise to distribution frameworks, it can moreover worsen income gaps. Also,
poverty and income disparity hinder economic development by restricting chances for
social portability, healthcare, and instruction. As a result, legislators have to enact
comprehensive laws that provide social inclusion a top need, make speculations in human
capital, and guarantee moral labor hones. Social orders can work toward comprehensive
and sustainable advancement, where everybody has the chance to thrive and contribute to
the success of their communities, by proactively addressing these issues.

VI. Message to Sir Stranger

Hindi na kita eemehin sir kc pagod na ak mag-search ng mga synonyms sa mga

pinaglalagay ko HAHAHAHAHAHH eme sir! Legit, no cap ikaw pinaka-pogi kong
naging teacher, pinaka-nakakatawa, witty, and chill. Gusto ko pa sana habaan to sir
kaso malapit na deadline eh, kasalanan mo po di mo in-extend next year heheheheh
eme sir. Alam m na yan sir, we love u so so so much mwhehehehehehehehehehh sana
maging prof k p namin soon. Labyu!