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Modal logic is a kind of logic used to represent statements about necessity and possibility.It plays a major role in philosophy and related fields as a tool for understanding concepts such as knowledge, obligation, and causation.
For example, in the conditional statement: "If P then Q", Q is necessary for P, because the truth of Q is guaranteed by the truth of P. (Equivalently, it is impossible to have P without Q , or the falsity of Q ensures the falsity of P .) [ 1 ] Similarly, P is sufficient for Q , because P being true always implies that Q is true, but P not being ...
The curve is a graph showing the proportion of overall income or wealth assumed by the bottom x% of the people, although this is not rigorously true for a finite population (see below). It is often used to represent income distribution , where it shows for the bottom x % of households, what percentage ( y %) of the total income they have.
The OECD created a bar chart that compares the number of generations necessary for low-income families to get the average income in countries part of the OECD. [28] As in the classical interpretation of the Great Gatsby Curve, the lowest inequality can be seen in Nordic countries, and it only takes about two to three generations.
The Elephant Curve, also known as the Lakner-Milanovic graph or the global growth incidence curve, is a graph that illustrates the unequal distribution of income growth for individuals belonging to different income groups. [1] The original graph was published in 2013 and illustrates the change in income growth that occurred from 1988 to 2008.
Contingency is one of three basic modes alongside necessity and possibility. In modal logic, a contingent statement stands in the modal realm between what is necessary and what is impossible, never crossing into the territory of either status. Contingent and necessary statements form the complete set of possible statements.
In economics, income distribution covers how a country's total GDP is distributed amongst its population. [1] Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. [2] [3]
Indeed, so long as the government recognises a desirable distribution of income it does not need to have any idea of the optimal allocation of resources. In a statement for a more general economy, the theorem would be taken as saying that α' can be reached by a monetary transfer followed by the free play of market exchange; but money is absent ...