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Social inequality is linked to economic inequality, usually described as the basis of the unequal distribution of income or wealth. Although the disciplines of economics and sociology generally use different theoretical approaches to examine and explain economic inequality, both fields are actively involved in researching this inequality
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]
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).
Economic inequality is hardly unique to the United States. Rich and poor live side-by-side all over the world. But according to research from The Equality Trust, the consequences are the same ...
Socioeconomic inequality is often cited as the fundamental cause for differential health outcomes among men and women. [12] [13] [14] [5] In India, differences in socioeconomic status and resulting financial disempowerment for women explain the poorer health and lower healthcare utilization noted among older women compared to men. [5]
The authors argue inequality leads to the social ills through the psychosocial stress, status anxiety it creates. [51] A 2011 report by the International Monetary Fund by Andrew G. Berg and Jonathan D. Ostry found a strong association between lower levels of inequality and sustained periods of economic growth. Developing countries (such as ...
This is a list of countries and territories by income inequality metrics, as calculated by the World Bank, UNU-WIDER, OCDE, and World Inequality Database, based on different indicators, like Gini coefficient and specific income ratios. Income from black market economic activity is not included.
History of economic inequality goes as old as the history of civilizations and military conquests. American economist Thorstein Veblen states that first "barbarian" civilizations wage wars when meeting one another because of scarcity of ressources, which would have allowed the creation of a "predatory spirit".