DEFINITIONS: Wealth distribution is the natural and sophisticated or artificial process by which wealth is allocated to each geographical area. It is the manner by which human resources domicile, and dominantly found in certain parts of the world
Distribution of wealth can be defined as a process by which a proportion of wealth moves or circulates around a society or a nation.
Distribution of wealth can also mean allocation of wealth among individuals; it seemed to indicate how a larger portion of wealth of a society is owned by a smaller percentage of the people in that society.
Distribution of wealth is the manner in which wealth is divided among the people of an economy.
The Basis for Inequality in Wealth Distribution
Inequality is a basic and natural phenomenon which is peculiar to or easily identified with wealth distribution.
Wealth distribution is primarily a function of nature.
It is also a function of individual's ability to acquire wealth. Ability to acquire wealth is the combination of man's creativity, intelligence, and productivity - man/individual endowed wealth.
It is also a function economy policy of a nation.
Inequality is inevitable at any these dispositions of wealth distribution because;
Nature does not favour every part of the world equally.
Men are born equal, but are not basically exposed to the same philosophy of life, the same belief, the same opportunities, the same civilizations e.t.c. The levels of individuals' creativity, intelligence, and productivity are limited to their levels of basic exposures.
Economy policy is not always favourable to everybody, but the barons that sponsor the policy mostly in a capitalist economy.
What are the processes of Wealth Distribution?
The process of wealth distribution revolves around redistribution of wealth. Wealth distribution was attributed to certain basic functions which no internal or external force may be influence. Wealth distribution is just a natural law of economics of life which is unchangeable. There could only be redistribution of wealth where conscious efforts are in place to ensure a little shift of wealth concentration.
The process of wealth distribution is the redistribution of wealth; and this can take place through the follows Wealth Transfer
1. Producing and Selling of Goods/Services
2. Transfer of Assets
3. Transfer of Intellectual Wealth
In economics, redistribution is the transfer of income, wealth or property from some individuals to others. Most often it refers to progressive redistribution, from the rich to the poor, although it may also refer to regressive redistribution, from the poor to the rich. The desirability and effects of redistribution are actively debated on ethical and economic grounds (Wikipedia.org. The Free Encyclopedia)
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