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Ruth5151
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poverty rate
the percentage of the population whose family income falls below an absolute level called the poverty line
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poverty line
an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
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in-kind transfers
transfers to the poor given in the form of goods and services rather than cash
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life cycle
the regular pattern of income variation over a person's life
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permanent income
a person's normal income
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utilitarianism
the political philosophy according to which the government should choose policies that maximize total utility of everyone in society
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utility
a measure of happiness or satisfaction
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liberalism
the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a "veil of ignorance"
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maximin criterion
the claim that the government should aim to maximize the well-being of the worst-off person in the economy
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libertarianism
the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
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welfare
government programs that supplement the incomes of the needy
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negative income tax
a tax system that collects revenue from high-income households and gives transfers to low-income households
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