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Socioeconomic status is an important source of health inequity, as there is a very robust positive correlation between socioeconomic status and health. This correlation suggests that it is not only the poor who tend to be sick when everyone else is healthy, but that there is a continual gradient, from the top to the bottom of the socio-economic ...
Socioeconomic status (SES) is a combined total measure of a person's work experience and of an individual's or family's economic and social position in relation to others, based on income, education, and occupation.
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Buildings in Rio de Janeiro, demonstrating economic inequality. Effects of income inequality, researchers have found, include higher rates of health and social problems, and lower rates of social goods, [1] a lower population-wide satisfaction and happiness [2] [3] and even a lower level of economic growth when human capital is neglected for high-end consumption. [4]
The Lorenz curve is not defined if the mean of the probability distribution is zero or infinite. The Lorenz curve for a probability distribution is a continuous function . However, Lorenz curves representing discontinuous functions can be constructed as the limit of Lorenz curves of probability distributions, the line of perfect inequality ...
Economic democracy is a socioeconomic philosophy that proposes to shift decision-making power from corporations to a larger group of public stakeholders that includes workers, customers, suppliers, neighbours and the broader public. Economists Richard D. Wolff and Gar Alperovitz claim that such policies would improve equality. [239] [240] [241]
The definition of relative poverty varies from one country to another, or from one society to another. [2] Statistically, as of 2019, most of the world's population live in poverty: in PPP dollars, 85% of people live on less than $30 per day, two-thirds live on less than $10 per day, and 10% live on less than $1.90 per day. [3]
Strictly quantitative economic variables are more useful to describing social stratification than explaining how social stratification is constituted or maintained. Income is the most common variable used to describe stratification and associated economic inequality in a society. [ 9 ]