The question is from the textbook Inequality, Discrimination, Poverty, and Mobility Question 1, Chapter 14: "Explain...
The question is from the textbook Inequality, Discrimination, Poverty, and Mobility Question 1, Chapter 14:
"Explain how your actions influence your lifetime earnings. What factors influencing lifetime earnings are outside your control? Why might two people born at the same time end up with different lifetime earnings? Did the person with the higher lifetime earnings have a better life?"
Homework Answers
Lifetime earnings depend on several factors such as kind of occupation , level of education and training and also kind of savings done to smooth out consumption over entire lifetime even after retirement from work . Our actions that enhance these factors make out lifetime earnings better .
Economic turbulence , breakdown of banking machinery in an economy , recession , excess unemployment , external threat , war etc are some factors that we cannot control but can highly affect our lifetime earnings .
Two people born at the same time end up with different lifetime earning because of different job , different propensity to save , different modes of saving and investment etc .
A person with higher lifetime earnings have higher purchasing power . Purchasing power can affect standard of life to a great extent , he can buy good education , health care etc to have a better life .
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