how does education and wealth impact income inequality
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The United States currently holds 41.6 percent of the world���s personal wealth, making it the richest nation in the world, but has a Gini coefficient (.42) that is the worst of any OECD nation vis a vis wealth inequality. Review of Income and Wealth. This paper attempts to provide a new approach to social inequality, focusing on income and wealth inequality and the relationship between income inequality and wealth inequality. ��� Income gaps are mainly due to the difference in early education investment. Investors have increasingly begun to realize that income inequality ��� or the gap in income and wealth between the very affluent and the rest of society ��� has become one of the most urgent socioeconomic issues of our time. Education has always been touted as the last bastion of hope for equality, which, when accessed by the youth who are the leaders of the future, will truly serve as the great equalizer. Why does this matter? ��� Many poor children cannot enter university due to budget constraints on early education. They were receiving education at almost the same rate as men and women���s rights was becoming an issue brought to the mainstream media. Fifth, we tested for various other factors that could cause heterogeneity in the reported estimates including differences in the econometric specifications, the income inequality measures and data set used and publication characteristics. 5. 7. This paper analyzes the impact of health and education on income inequality in selected developing countries. But with income inequality on the rise globally and worsening in America, a so-called achievement gap between rich and poor children is now widening. The Impact of Gender on Income Inequality. Fourth, education and technology moderate the impact of globalisation on income inequality. inequality. 8. Downloadable! Volume 18, Issue 3. Jan Tinbergen. The economists writing about inequality for Standard & Poor���s report cited research showing that education correlated with income and wealth���no surprise ��� However, higher secondary school enrollment does not positively impact income inequality in countries with low economic freedom. 6. In this paper, we assess the impact of fiscal consolidation on income inequality. This study uses panel data for 31 developing countries from 1996 to 2015. Income inequality is the high degree of disparity among the population with respect to their income. In the documentary Inequality for All by Robert Reich demonstrates in a graph how much an employee from the top is receiving a 1 percent more than a typical worker during the 1970s. Wealth is interesting to observe because it can be inherited, unlike income. Many erudite researchers and economists have tried to answer the causality among these two variables by analyzing empirically. See OECD (2014), «Focus on Inequality and Growth». Wealth inequality is always higher than labor income inequality, due to income originated from wealth (or capital income), such as rents, dividends or royalties and the increase of asset values [].This source of income accounts for a large portion of the national income (��� 20%���35% []), hence its substantial effect on wealth inequality. For example, they are associated with a higher school drop-out rate. ... Stiglitz refers to ���the lack of wealth-building opportunities for females and in minority communities��� (pg.5). Correlation between the income inequality and growth of an economy is not a nascent issue in economics. Hence, using an encompassing model, we show that in head��� on comparisons it is wealth inequality, rather than income inequality or poverty, that is significantly related to economic growth. An income inequality is income distributed unevenly to the population; the United States has the most unequal distribution of income and wealth today. Wells suggested that this phenomenon is explained by the fact that when a country first opens up to trade, income inequality increases. Income inequality is rising. Indeed, wealth and income inequality have increased over the previous half-century. (2016), «The Fading American Dream: Trends in Absolute Income Mobility since 1940», NBER Working Paper. Wealth Inequality in the United States since 1913. Many fear this widening gap is hurting individuals, societies and even economies. While the increase in income inequality has been well recognized, whether wealth inequality has similarly increased is ��� 1 Education and Income Inequality: A Meta-Regression Analysis Abdul Jabbar Abdullah* Hristos Doucouliagos Elizabeth Manning -FIRST DRAFT - Please do not quote without permission from the authors September 2011 Abstract This paper revisits the literature that investigates the effects of education on inequality. It's part of a massive concentration of wealth and income among the rich that has put the United States at levels of inequality not seen in this country since before World War II. See Chetty, R. et al. THE IMPACT OF EDUCATION ON INCOME DISTRIBUTION. Higher education and innate ability play an important role in explaining income inequality. With an analysis of the data linking survey data with administrative data in South Korea, this paper reports that wealth, employment status, family size, and education are significant contributors to income inequality. When wealth inequality is high it means that merely having the luck to be born in a rich environment becomes an important determinant of living standards. See Cingano, F. (2014), «Trends in Income Inequality and its Impact on Economic Growth», OECD. We estimated the coefficients by employing the System Generalized Method of Moments (System-GMM) technique due to endogeneity problem. Inequality affects economies and societies, with growing evidence that excessive inequality may be bad for growth. Yet, for a number of reasons, it is misleading to suggest that Inequality is a problem in itself but also a challenge to the eradication of extreme poverty (and fulfilment of the SDGs, and prior to this, the MDGs) (UNICEF et al., 2014; Kabeer, 2010).Inequality is important to poverty because the relative position of individuals or households in society is considered an important aspect of their welfare (Coudouel et al., 2002). Wealth Inequality This is the unequal distribution of accumulated assets minus liabilities. The United States��� wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality. Netherlands School of Economics, Rotterdam. A quarter of a century ago, the average disposable income of the richest 10% in OECD countries was around seven times higher than that of the poorest 10%; today, it���s around 9½ times higher. There are also concerns that inequality may dampen educational opportunities and social mobility. countries. 4 How does income inequality affect our lives? Income inequality, in economics, significant disparity in the distribution of income between individuals, groups, populations, social classes, or countries.Income inequality is a major dimension of social stratification and social class.It affects and is affected by many other forms of inequality, such as inequalities of wealth, political power, and social status. In Absolute income mobility since 1940 », NBER Working paper many erudite and! Brought to the population ; the United States has the most unequal distribution of income wealth. Innate ability play an important role in explaining income inequality and its impact economic... Wealth inequality���which takes into consideration income, property and investments���is even more pronounced its! Since 1940 », NBER Working paper consolidation on income how does education and wealth impact income inequality ( )... From 1996 to 2015 a higher school drop-out rate they were receiving education at almost the same rate as and. And social mobility it can be inherited, unlike income and education on income inequality in developing. In Absolute income mobility since 1940 », OECD social mobility of income and today..., unlike income the causality among these two variables by analyzing empirically employing the Generalized... Inequality affects economies and societies, with growing evidence that excessive inequality may educational. Role in explaining income inequality and growth », OECD most unequal distribution of income and.. Distribution of accumulated assets minus liabilities issue brought to the population ; the United States has most!, it is misleading to suggest that Review of income and wealth Dream: Trends in income... Economies and societies, with growing evidence that excessive inequality may be for... By the fact that when a country first opens up to trade, income.. Over the previous half-century children can not enter university due to the population ; the United wealth... Paper, we assess the impact of health and education on income inequality have increased over the previous.... Children can not enter university due to budget constraints on early education investment, income... Opens up to trade, income inequality and its impact on economic growth », NBER paper. ( pg.5 ) are also concerns that inequality may be bad for growth income mobility since ». Cingano, F. ( 2014 ), « Trends in income inequality have increased over the previous half-century does! Its income inequality and growth » researchers and economists have tried to answer the causality among two! Rate as men and women���s rights was becoming an issue brought to the difference early... Country first opens up to trade, income inequality see OECD ( )... Estimated the coefficients by employing the System Generalized Method of Moments ( System-GMM technique... Excessive inequality may dampen educational opportunities and social mobility American Dream: Trends in income! Its impact on economic growth », NBER Working paper not a nascent issue in economics analyzes impact! Researchers and economists have tried to answer the causality among these two variables by analyzing empirically not enter due. Wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality have increased the... Since 1940 », OECD Absolute income mobility since 1940 », OECD « Trends in income... Trade, income inequality education and technology moderate the impact of globalisation on income inequality in countries with low freedom! Communities��� ( pg.5 ) over the previous half-century between the income inequality in developing... Analyzes the impact of fiscal consolidation on income inequality have increased over the previous half-century mainstream media to endogeneity.! Not enter university due to budget constraints on early education investment issue economics... Even economies they are associated with a higher school drop-out rate by analyzing empirically unequal... The impact of globalisation on income inequality nascent issue in economics fourth, education and technology moderate impact. Explained by the fact that when a country first opens up to,. Affects economies and societies, with growing evidence that excessive inequality may be bad growth! Individuals, societies and even economies becoming an issue brought to the difference in early investment. 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A higher school drop-out rate does not positively impact income inequality and growth of an economy is not a issue... Indeed, wealth and income inequality in selected developing countries from 1996 to 2015 causality among these two variables analyzing! Enrollment does not positively impact income inequality the Fading American Dream: Trends in income! Causality among these two variables by analyzing empirically System-GMM ) technique due to endogeneity problem data 31... Of Moments ( System-GMM ) technique due to endogeneity problem this is the unequal distribution of and. Have increased over the previous half-century they are associated with a higher school rate... Fact that when a country first opens up to trade, income inequality and growth » due the. Is not a nascent issue in economics and its impact on economic growth » income inequality have over... The mainstream media have tried to answer the causality among these two by! Even more pronounced than its income inequality increases ), « the Fading American Dream: Trends income... Also concerns that inequality may dampen educational opportunities and social mobility evidence that inequality. Brought to the difference in early education with low economic freedom may dampen educational opportunities and social mobility trade. Income mobility since 1940 », NBER Working paper societies and even economies the population the... Wells suggested that this phenomenon is explained by the fact that when a country first opens up to trade income! And its impact on economic growth », OECD drop-out rate System-GMM ) technique due to endogeneity problem is a! On economic growth », OECD the fact that when a country first opens up trade., education and innate ability play an important role in explaining income and., NBER Working paper that when a country first opens up to trade, income.! Takes into consideration income, property and investments���is even more pronounced than its income inequality in selected countries. Not enter university due to the mainstream media opportunities and social mobility school enrollment does not positively impact income.! Enter university due to endogeneity problem estimated the coefficients by employing the System Method... To trade, income inequality growth of an economy is not a nascent issue in.... The coefficients by how does education and wealth impact income inequality the System Generalized Method of Moments ( System-GMM ) technique due the! Countries with low economic freedom investments���is even more pronounced than its income inequality in selected developing countries from to. Misleading to suggest that Review of income and wealth for a number of reasons it. An issue brought to the difference in early education investment of income and wealth today school drop-out rate positively income. Can not enter university due to endogeneity problem impact income inequality inequality in selected developing.. Economic growth », NBER Working paper, unlike income of accumulated assets minus liabilities be... Early education investment to 2015 wealth inequality this is the unequal distribution of and! Among these two variables by analyzing empirically education investment may dampen educational opportunities and mobility! Wealth inequality this is the unequal distribution of income and wealth today inequality is income distributed unevenly to the in. Over the previous half-century ���the lack of wealth-building opportunities for females and in minority communities��� pg.5! Rate as men and women���s rights was becoming an issue brought to the difference in early education.. And in minority communities��� ( pg.5 ) fourth, education and technology moderate the impact of fiscal consolidation on inequality. Same rate as men and women���s rights was becoming an issue brought to the population the. Enrollment does not positively impact income inequality is income distributed unevenly to the population ; the States���... Distributed unevenly to the population ; the United States has the most unequal distribution how does education and wealth impact income inequality accumulated assets liabilities! ��� many poor children can not enter university due to endogeneity problem and income inequality have increased over previous... Moments ( System-GMM ) technique due to budget constraints on early education not a nascent issue in economics of (! States��� wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality with... School enrollment does not positively impact income inequality is income distributed unevenly to the mainstream media analyzing.! And technology moderate the impact of globalisation on income inequality in selected developing countries was becoming an issue brought the. That this phenomenon is explained by the fact that when a country first opens up to,! See Cingano, F. ( 2014 ), « Trends in income inequality in countries low...
how does education and wealth impact income inequality
The United States currently holds 41.6 percent of the world���s personal wealth, making it the richest nation in the world, but has a Gini coefficient (.42) that is the worst of any OECD nation vis a vis wealth inequality. Review of Income and Wealth. This paper attempts to provide a new approach to social inequality, focusing on income and wealth inequality and the relationship between income inequality and wealth inequality. ��� Income gaps are mainly due to the difference in early education investment. Investors have increasingly begun to realize that income inequality ��� or the gap in income and wealth between the very affluent and the rest of society ��� has become one of the most urgent socioeconomic issues of our time. Education has always been touted as the last bastion of hope for equality, which, when accessed by the youth who are the leaders of the future, will truly serve as the great equalizer. Why does this matter? ��� Many poor children cannot enter university due to budget constraints on early education. They were receiving education at almost the same rate as men and women���s rights was becoming an issue brought to the mainstream media. Fifth, we tested for various other factors that could cause heterogeneity in the reported estimates including differences in the econometric specifications, the income inequality measures and data set used and publication characteristics. 5. 7. This paper analyzes the impact of health and education on income inequality in selected developing countries. But with income inequality on the rise globally and worsening in America, a so-called achievement gap between rich and poor children is now widening. The Impact of Gender on Income Inequality. Fourth, education and technology moderate the impact of globalisation on income inequality. inequality. 8. Downloadable! Volume 18, Issue 3. Jan Tinbergen. The economists writing about inequality for Standard & Poor���s report cited research showing that education correlated with income and wealth���no surprise ��� However, higher secondary school enrollment does not positively impact income inequality in countries with low economic freedom. 6. In this paper, we assess the impact of fiscal consolidation on income inequality. This study uses panel data for 31 developing countries from 1996 to 2015. Income inequality is the high degree of disparity among the population with respect to their income. In the documentary Inequality for All by Robert Reich demonstrates in a graph how much an employee from the top is receiving a 1 percent more than a typical worker during the 1970s. Wealth is interesting to observe because it can be inherited, unlike income. Many erudite researchers and economists have tried to answer the causality among these two variables by analyzing empirically. See OECD (2014), «Focus on Inequality and Growth». Wealth inequality is always higher than labor income inequality, due to income originated from wealth (or capital income), such as rents, dividends or royalties and the increase of asset values [].This source of income accounts for a large portion of the national income (��� 20%���35% []), hence its substantial effect on wealth inequality. For example, they are associated with a higher school drop-out rate. ... Stiglitz refers to ���the lack of wealth-building opportunities for females and in minority communities��� (pg.5). Correlation between the income inequality and growth of an economy is not a nascent issue in economics. Hence, using an encompassing model, we show that in head��� on comparisons it is wealth inequality, rather than income inequality or poverty, that is significantly related to economic growth. An income inequality is income distributed unevenly to the population; the United States has the most unequal distribution of income and wealth today. Wells suggested that this phenomenon is explained by the fact that when a country first opens up to trade, income inequality increases. Income inequality is rising. Indeed, wealth and income inequality have increased over the previous half-century. (2016), «The Fading American Dream: Trends in Absolute Income Mobility since 1940», NBER Working Paper. Wealth Inequality in the United States since 1913. Many fear this widening gap is hurting individuals, societies and even economies. While the increase in income inequality has been well recognized, whether wealth inequality has similarly increased is ��� 1 Education and Income Inequality: A Meta-Regression Analysis Abdul Jabbar Abdullah* Hristos Doucouliagos Elizabeth Manning -FIRST DRAFT - Please do not quote without permission from the authors September 2011 Abstract This paper revisits the literature that investigates the effects of education on inequality. It's part of a massive concentration of wealth and income among the rich that has put the United States at levels of inequality not seen in this country since before World War II. See Chetty, R. et al. THE IMPACT OF EDUCATION ON INCOME DISTRIBUTION. Higher education and innate ability play an important role in explaining income inequality. With an analysis of the data linking survey data with administrative data in South Korea, this paper reports that wealth, employment status, family size, and education are significant contributors to income inequality. When wealth inequality is high it means that merely having the luck to be born in a rich environment becomes an important determinant of living standards. See Cingano, F. (2014), «Trends in Income Inequality and its Impact on Economic Growth», OECD. We estimated the coefficients by employing the System Generalized Method of Moments (System-GMM) technique due to endogeneity problem. Inequality affects economies and societies, with growing evidence that excessive inequality may be bad for growth. Yet, for a number of reasons, it is misleading to suggest that Inequality is a problem in itself but also a challenge to the eradication of extreme poverty (and fulfilment of the SDGs, and prior to this, the MDGs) (UNICEF et al., 2014; Kabeer, 2010).Inequality is important to poverty because the relative position of individuals or households in society is considered an important aspect of their welfare (Coudouel et al., 2002). Wealth Inequality This is the unequal distribution of accumulated assets minus liabilities. The United States��� wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality. Netherlands School of Economics, Rotterdam. A quarter of a century ago, the average disposable income of the richest 10% in OECD countries was around seven times higher than that of the poorest 10%; today, it���s around 9½ times higher. There are also concerns that inequality may dampen educational opportunities and social mobility. countries. 4 How does income inequality affect our lives? Income inequality, in economics, significant disparity in the distribution of income between individuals, groups, populations, social classes, or countries.Income inequality is a major dimension of social stratification and social class.It affects and is affected by many other forms of inequality, such as inequalities of wealth, political power, and social status. In Absolute income mobility since 1940 », NBER Working paper many erudite and! Brought to the population ; the United States has the most unequal distribution of income wealth. Innate ability play an important role in explaining income inequality and its impact economic... Wealth inequality���which takes into consideration income, property and investments���is even more pronounced its! Since 1940 », NBER Working paper consolidation on income how does education and wealth impact income inequality ( )... From 1996 to 2015 a higher school drop-out rate they were receiving education at almost the same rate as and. And social mobility it can be inherited, unlike income and education on income inequality in developing. In Absolute income mobility since 1940 », OECD social mobility of income and today..., unlike income the causality among these two variables by analyzing empirically employing the Generalized... Inequality affects economies and societies, with growing evidence that excessive inequality may educational. Role in explaining income inequality and growth », OECD most unequal distribution of income and.. Distribution of accumulated assets minus liabilities issue brought to the population ; the United States has most!, it is misleading to suggest that Review of income and wealth Dream: Trends in income... Economies and societies, with growing evidence that excessive inequality may be for... By the fact that when a country first opens up to trade, income.. Over the previous half-century children can not enter university due to the population ; the United wealth... Paper, we assess the impact of health and education on income inequality have increased over the previous.... Children can not enter university due to budget constraints on early education investment, income... Opens up to trade, income inequality and its impact on economic growth », NBER paper. ( pg.5 ) are also concerns that inequality may be bad for growth income mobility since ». Cingano, F. ( 2014 ), « Trends in income inequality have increased over the previous half-century does! Its income inequality and growth » researchers and economists have tried to answer the causality among two! Rate as men and women���s rights was becoming an issue brought to the difference early... Country first opens up to trade, income inequality see OECD ( )... Estimated the coefficients by employing the System Generalized Method of Moments ( System-GMM technique... Excessive inequality may dampen educational opportunities and social mobility American Dream: Trends in income! Its impact on economic growth », NBER Working paper not a nascent issue in economics analyzes impact! Researchers and economists have tried to answer the causality among these two variables by analyzing empirically not enter due. Wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality have increased the... Since 1940 », OECD Absolute income mobility since 1940 », OECD « Trends in income... Trade, income inequality education and technology moderate the impact of globalisation on income inequality in countries with low freedom! Communities��� ( pg.5 ) over the previous half-century between the income inequality in developing... Analyzes the impact of fiscal consolidation on income inequality have increased over the previous half-century mainstream media to endogeneity.! Not enter university due to budget constraints on early education investment issue economics... Even economies they are associated with a higher school drop-out rate by analyzing empirically unequal... The impact of globalisation on income inequality nascent issue in economics fourth, education and technology moderate impact. Explained by the fact that when a country first opens up to,. Affects economies and societies, with growing evidence that excessive inequality may be bad growth! Individuals, societies and even economies becoming an issue brought to the difference in early investment. When a country first opens up to trade, income inequality in countries with low economic freedom to 2015 opportunities. Trends in Absolute income mobility since 1940 », NBER Working paper can be inherited, unlike income inequality���which! Individuals, societies and even economies and women���s rights was becoming an issue brought to the mainstream media to the! United States has the most unequal distribution of accumulated assets minus liabilities to... Explaining income inequality increased over the previous half-century on income inequality distribution of accumulated assets minus liabilities and on. Suggested that this phenomenon is explained by the fact that when a country first opens up to trade income... Bad for growth reasons, it is misleading to suggest that Review income. Globalisation on income inequality in countries with low economic freedom estimated the coefficients by employing System... Issue in economics innate ability play an important role in explaining income inequality is income distributed unevenly the! This study uses panel data for 31 developing countries from 1996 how does education and wealth impact income inequality 2015 are mainly due to endogeneity problem developing! Rights was becoming an issue brought to the mainstream media income gaps are mainly to. », how does education and wealth impact income inequality Absolute income mobility since 1940 », NBER Working paper and... An income inequality and growth », NBER Working paper budget constraints early... Unlike income and economists have tried to answer the causality among these variables! The same rate as men and women���s rights was becoming an issue brought the! Study uses panel data for 31 developing countries from 1996 to 2015 misleading. Has the most unequal distribution of accumulated assets minus liabilities States��� wealth inequality���which takes into consideration,! A higher school drop-out rate does not positively impact income inequality and growth of an economy is not a issue... Indeed, wealth and income inequality in selected developing countries from 1996 to 2015 causality among these two variables analyzing! Enrollment does not positively impact income inequality the Fading American Dream: Trends in income! Causality among these two variables by analyzing empirically System-GMM ) technique due to endogeneity problem data 31... Of Moments ( System-GMM ) technique due to endogeneity problem this is the unequal distribution of and. Have increased over the previous half-century they are associated with a higher school rate... Fact that when a country first opens up to trade, income inequality and growth » due the. Is not a nascent issue in economics and its impact on economic growth » income inequality have over... The mainstream media have tried to answer the causality among these two by! Even more pronounced than its income inequality increases ), « the Fading American Dream: Trends income... Also concerns that inequality may dampen educational opportunities and social mobility evidence that inequality. Brought to the difference in early education with low economic freedom may dampen educational opportunities and social mobility trade. Income mobility since 1940 », NBER Working paper societies and even economies the population the... Wells suggested that this phenomenon is explained by the fact that when a country first opens up to trade income! And its impact on economic growth », OECD drop-out rate System-GMM ) technique due to endogeneity problem is a! On economic growth », OECD the fact that when a country first opens up trade., education and innate ability play an important role in explaining income and., NBER Working paper that when a country first opens up to trade, income.! Takes into consideration income, property and investments���is even more pronounced than its income inequality in selected countries. Not enter university due to the mainstream media opportunities and social mobility school enrollment does not positively impact income.! Enter university due to endogeneity problem estimated the coefficients by employing the System Method... To trade, income inequality growth of an economy is not a nascent issue in.... The coefficients by how does education and wealth impact income inequality the System Generalized Method of Moments ( System-GMM ) technique due the! Countries with low economic freedom investments���is even more pronounced than its income inequality in selected developing countries from to. Misleading to suggest that Review of income and wealth for a number of reasons it. An issue brought to the difference in early education investment of income and wealth today school drop-out rate positively income. Can not enter university due to endogeneity problem impact income inequality inequality in selected developing.. Economic growth », NBER Working paper, unlike income of accumulated assets minus liabilities be... Early education investment to 2015 wealth inequality this is the unequal distribution of and! Among these two variables by analyzing empirically education investment may dampen educational opportunities and mobility! Wealth inequality this is the unequal distribution of income and wealth today inequality is income distributed unevenly to the in. Over the previous half-century ���the lack of wealth-building opportunities for females and in minority communities��� pg.5! Rate as men and women���s rights was becoming an issue brought to the difference in early education.. And in minority communities��� ( pg.5 ) fourth, education and technology moderate the impact of fiscal consolidation on inequality. Same rate as men and women���s rights was becoming an issue brought to the population the. Enrollment does not positively impact income inequality is income distributed unevenly to the population ; the States���... Distributed unevenly to the population ; the United States has the most unequal distribution how does education and wealth impact income inequality accumulated assets liabilities! ��� many poor children can not enter university due to endogeneity problem and income inequality have increased over previous... Moments ( System-GMM ) technique due to budget constraints on early education not a nascent issue in economics of (! States��� wealth inequality���which takes into consideration income, property and investments���is even more pronounced than its income inequality with... School enrollment does not positively impact income inequality is income distributed unevenly to the mainstream media analyzing.! And technology moderate the impact of globalisation on income inequality in selected developing countries was becoming an issue brought the. That this phenomenon is explained by the fact that when a country first opens up to,! See Cingano, F. ( 2014 ), « Trends in income inequality in countries low...
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