economic factors(A.) What economic factors affect income distribution in the US? (B.) What non-economic factors affect income distribution in the US? (C.) How can rapid income mobility be...
(A.) What economic factors affect income distribution in the US?
(B.) What non-economic factors affect income distribution in the US?
(C.) How can rapid income mobility be achieved?
Rapid income mobility (which I take to mean rapid increase in the rate of earning) can be achieved through the market shifting supply and demand -- that one's skills or services are suddenly more in demand than previously. An increase in demand results in an increase in the rate of pay. For much of the 1990's, there was a huge demand for computer services which created new jobs, and a new industry. Allowing the economy to grow is paramount if incomes are to increase.
Another factor that affects income distribution is education. The more educated a person is the more income a person makes. In addition, a college education opens up more doors, especially if a person attends an elite college. Some of this might be changing in this new economic climate, but generally speaking this still holds some truth. On the flip side, the lack of a high school education in the least offers very little in terms of upward mobility.
One non-economic factor affecting income distribution is geography.Wages are generally lower in poorer areas of the country, such as South Carolina. The cost of living is lower there too, which means there is less need for higher wages. People living in inner cities need a higher wage to work at service industry jobs because the cost of living is so much higer in Boston, for example, than in South Carolina.
There are demographic and sociological factors that affect income distribution, for example, age, race, sex, and education. In the past few years, most groups have been adversely affected by the recession, but even now, some groups are far more adversely affected than others, and a very select few seem to have had the former groups' income redistributed into their own pockets.
The economic factors that influence income distribution have to do with supply and demand of certain kinds of professions. Income distribution in the US is becoming less equal, largely because globalization is increasing the supply of some kinds of labor. Therefore, those kinds of typically blue-collar work see their compensation drop.
One non-economic factor is the government's involvement in the economy. The more the government is involved in the economy, the more income distribution can be affected by such factors as lobbying, campaign contributions, the influence of big business and big unions, and other forms of political pressure.
(A.) Some economic features that can affect the distribution in the U.S. is the economy, bills, and taxes.
(B.) Some non-economic factors that can affect the U.S. are prices of gas, food, and household items.
(C.) Rapid income mobility can be achieved by working overtime at your job, winning the lottery, incentives, etc.