YEAR TWO INTERDISCIPLINARY RESEARCH STUDIES
TASK: COMPLETE THIS AND SUBMIT BY T1W5
Research Topic (Global Challenge): e.g. What impact does the rich and poor gap have in our society?
Chosen Area of Focus: The economic gap between the rich and poor and how it impacts the society
Group Members’ Names:
1. Statement of problem (framing our research topic):
Our chosen area of focus is “The advantages and disadvantages of the financial gap between the rich and poor and how it impacts the society”. We have chosen this topic as we feel that the financial gap between the rich and poor is very big and we want to find out why and how it impacts the society. In this society, the financial status represents your social status and how well you do in this society. And we cannot help but agree that sometimes we judge someone based on their financial status and automatically jump to conclusions whether someone is successful or not. Some studies have emphasised inequality as a growing social problem. While some inequality promotes investment, too much inequality creates destruction. There may also be some good points of economic inequality, such as providing opportunities for investment.
2. Research Objectives:
To find the the economic gap between the rich and poor and how it impacts the society
3. Literature Review (Brief summary of at least 3 sources that you have consulted with reference to your research topic)
1) The summary for one of the source is that there is inequality in between the rich and poor gap and it is widening. Also from the source, it says that when
the rich nations get richer other factors are at work such as more efficient use of resources, which need stable, open governments and the infrastructure for improved social conditions. Also, many poor nations fail because the state fails, or with a large population growth rate, have difficulties managing the allocation of their resources. And in this source its solution to the problem is rich nations have implemented policies and a capitalist approach to distribution of goods and services that propagates long-term growth. Not all nations are endowed with an equal proportion of factor inputs; and thus inequality will exist. By opening up trade, nations can share their factors more equitably and the total global pool of wealth will increase.
2) The summary for the second source is that there is a huge gap between the middle class and the lower class. This source also states that 85 percent of the population.The remaining 15 percent has all they need more too. Judging by the credibility of the source, we do not think that this would be able to give much help to our research topic as the source only states about the difference between rich and poor and did not give a solution to the problem.
3) The summary for the last source is that the world’s economies is divided mainly into 4 main categories.The low income economy includes India and Pakistan.The lower-middle income includes China and Caribbean countries.The upper middle income economy includes Malaysia, Saudi Arabia. High income economies includes Singapore itself.One of the old goals in economics was to explain income differences between countries.
Then a table.
4. Proposed Hypotheses:
If the all the poor would suddenly become rich, The prices of everything would increase and there would be competition for resources. Also, it would quickly deplete the natural resources that are already scarce in our society
5. Research Plan (Describe how you intend to design your research i.e. who/what you are going to research on, how many respondents, your study area/location etc):
It is possible to carry out and complete the project, as there are many rich and poor students in the school that we can survey on and interview. We would like to try to target the rich, poor, old and young.
6. Methodology (Describe what methods you are using to collect data, where and how the data can be collected and analysed):
Our data sources would be websites and papers that have also researched on this topic. We are also planning on using hardcopy references such as books from libraries ect. Also, we would receive and compile surveys
7. Overall assessment on feasibility and manageability of the research (justify why your research can be managed and results be achieved within the time-frame)
Feasibility of the research
There is a need for our research, as many people do not know how economic inequality is affecting them, and economic inequality impacts everyone.
It is possible to carry out and complete the project, as there are many rich and poor students in the school that we can survey on and interview.
The proposed course of action is logical and realistic as it can be completed with the help of some students who would be willing to do a survey and with our hardwork and group effort.
The research provides sufficient opportunity for generation of ideas, as we will constantly have to think of ways to do certain things in the project. As for analysis and evaluation of ideas, we will certainly have many opportunities to analyse information and evaluate ideas on how to go about deciding what to do next.
Manageability of the research
The timeline for the different components of the project will be decided later based on the situation then. But overall, the project will be done as quickly and carefully as we can, trying our best not to go out of point and staying as close to the topic as possible.
This research provides sufficient opportunity for group work as we will need to discuss a lot of matters regarding the project, for example who will be assigned to do what component of the project and we will have to work together.
We do anticipate some difficulties along the way, such as poor communication among the group members and lack of data.