The paper "Development Economics Research Trends" Is a perfect example of a Macro and Microeconomics Case Study. The primary objective of this review is to explore and detail the discourse of inequality by reviewing secondary materials and extant literature that reveal the patched character of the subject. The work involves a review of electronic books, strategic research articles, and print books covering inequality. Because the subject is broad and too extensive to be covered exhaustively in this article, the scope of the work will skew much toward apparent features that characterize conventional inequality: social, economic, and political aspects. As argued by Neckerman (2004), the question of inequality has been covered and reported in diverse approaches for the past century.
Despite much publicity and attention from social scientists, the relationship between inequality and the enlisted features (economic development, social, and political) remains scantly understood. In particular, for the past half a century the economic wisdom on inequality and growth has been founded on two fallacies. On the effect of inequality on the economy, proponents argue that is an important prerequisite for incentives that cultivate economic growth.
However, this argument has been challenged through a number of research studies. Eicher and Turnovsky (2003) concluded that measures of inequality and economic growth do not correlate although there were some signs of positive relationships in developed compared to developing economies. Results presented by Rocha (2008) for nine developed countries covering the period 1830-1985 indicated ruled out the correlation between inequality and economic development. An example in this context can be inferred from the Philippine and South Korean economies that in the 1960s shared similarities when gauged from major economic parameters (GDP per capita, Average saving rates, investment per capita).
The contrast unveiled in a span of the succeeding thirty years within which the fast growth in South Korea saw the economy expand five-fold while that of the Philippine barely changed. The other fallacy greatly associated with President Kuznets's hypothesis (Keister and Southgate 2012) that inequality exacerbates during the initial phases of economic growth and the social approaches equity as economic improvements are recorded appears unstable from the context of empiricism. The rise in inequality in the contemporary economic environment challenges Kuznet’ s ideology because even in the most developed economies, inequality prevails in scales equal comparable to that of developing and emerging economies. This review will explore patchwork texts to chronicle the different contexts characterizing the inequality discourse.
The analyses will reveal varying attitudes that anchor inequality, detail the different constituents of the discourse, and detail the apparent remedial measures that as seen as potential correctors of the recorded trends. Theoretical Perspective Although the discourse of inequality is challenging to explore, there are rhetoric elements that surface constantly in the discussions about the subject that point at its nerve that has maintained the discourse from earlier generations even to the current society.
According to Keister and Southgate (2012), inequality is ubiquitously covered in the lens of wealth ownership disparities, success in varied social economic and political stances, power, and other natural attributes such as race and gender. However, economic instruments dominate the list of features often deployed to characterize inequities.
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