A Theory Of Trickle Down Growth And Development PdfBy Shawn R. In and pdf 27.11.2020 at 21:49 6 min read
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- Economic Development, Equality, Income Distribution, and Ethics
- Trickle-Down Theory
- Trickle-down economics
Today biodiversity is declining globally faster than at any time in our history Bongaarts
Economic Development, Equality, Income Distribution, and Ethics
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The objective of this paper is to make a distinction between conventional and the appropriate conception of development. The relationship between the two is contradictory with regards to means and ends. This paper argued that conventional development theory was responsible for the economic disparity between the developed and developing countries. The tendency to equate development with growth has led Third World to be developed into a state within the global economy, whereby vast quantities of its land and labour now produce for export while billions of its people remain poor and their ecosystems deteriorate. Many see development as a form of plunder. The failure of conventional development has provided the foundations of an alternative approach, especially one relevant to the Third World countries.
This paper develops a model of growth and income inequalities in the presence of imperfect capital markets, and it analyses the trickle-down effect of capital accumulation. Moral hazard with limited wealth constraints on the part of the borrowers is the source of both capital market imperfections and the emergence of persistent income inequalities. Three main conclusions are obtained from this model. First, when the rate of capital accumulation is sufficiently high, the economy converges to a unique invariant wealth distribution. Second, even though the trickle-down mechanism can lead to a unique steady-state distribution under laissez-faire, there is room for government intervention: in particular, redistribution of wealth from rich lenders to poor and middle-class borrowers improves the production efficiency of the economy both because it brings about greater equality of opportunity and also because it accelerates the trickle-down process. Third, the process of capital accumulation initially has the effect of widening inequalities but in later stages it reduces them: in other words, this model can generate a Kuznets curve. Most users should sign in with their email address.
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Trickle-down economics , also known as trickle-down theory or the horse and sparrow theory or supply-side economics , is the economic proposition that taxes on businesses and the wealthy in society should be reduced as a means to stimulate business investment in the short term and benefit society at large in the long term. In recent history, the term has been used by critics of supply-side economic policies, such as " Reaganomics ". Whereas general supply-side theory favors lowering taxes overall, trickle-down theory more specifically targets taxes on the upper end of the economic spectrum. The term "trickle-down" originated as a joke by humorist Will Rogers and today is often used to criticize economic policies that favor the wealthy or privileged while being framed as good for the average citizen.
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