Economic Inequality, Inequality And Inequality - 952 Words

According to the OECD, the term inequality in the opposite of equity can be defined as evenness or fairness within the social, political, and economic perspectives. Equity forms the core value of both the western democratic tradition and religions. From the concept of equality, inequality can be described as unfair or uneven treatments of the people within the society or unequal distribution of resources, income, and other factors between different sectors in the society. Inequality can be defined as the unfair or uneven conditions within the society, where some people control more wealth, money, opportunities, income, as well as political favoritism than others (Stiglitz, 2013). For some reasons, economists have included economic background of the people in the society as another form of equality. Inequality comes in different forms: The different types of inequalities are political inequality, inequality of outcome, economic inequality, Social inequality, and inequality of opp ortunity (Clark 2015). First, political inequality can be defined using either distributional or interdependency approaches. With respect to distributional approach, political inequality is defined as structured differences within the society in the acquisition and distribution of political resources. On the other hand, interdependency approach defines this type of inequality as the influences that a person or persons have on government legislation as compared to others (Stiglitz,Show MoreRelatedEconomic Inequality And Political Inequality1647 Words   |  7 PagesEconomic inequality, also known as income inequality, is the interval between the rich and the poor. Economic inequality refers to how the total wealth in the United States is distributed among people in a social class. It is needed and it is important but due to the major gap difference, it affects the Democratic Party and in addition, it also affects Americans because they do not understand the actual wealth distribution. It is a major issue in the United States because it affects other economicRead MorePoverty Inequality : Economic Inequality1509 Words   |  7 PagesCombating Economic Inequality Economic Inequality When you turn on the news nowadays, some of America’s biggest problems are right there flashing across your screen. However, the increasing issue of inequality that our country is facing doesn’t seem to get quite the attention it deserves. The disproportion of lower and middle class families to wealthier families, due to economic inequality, is in dire need of a solution! So how do you fix a struggling economy between the classes? ProfessorsRead MoreThe Economic Inequality Of Australia1861 Words   |  8 PagesAustralia, although being a multicultural country where everyone is equal, there is a severe presence of economic inequality. With millions of people living poverty, Australia’s wealthy continue to accumulate wealth, whereas the poor continue to become poorer. With the economic inequality in Australia rising, the Australian government is contributing to this by creating new policies within the budget, making those who are disadvantaged already worse off. Rather than creating policies that make theRead MoreEconomic Inequality Of The United States1435 Words   |  6 Pageschallenge of our time†. Economic inequality consistently ranks amongst the greatest concerns of voters and is the subject of growing national and international attention. As such, explorations of rising inequality are not new. Where the readings are revelatory, ho wever, is in their efforts to expose the fallacy that economic distribution, be it the hyper-concentration of wealth at the top or the existence of poverty at the bottom, is ‘natural’, nothing more than an economic reality caused by ‘inevitableRead MoreEconomic Inequality Of The United States1696 Words   |  7 PagesEconomic Inequality Paper Homelessness is one of the main problems plaguing the United States today, with low income earners at a higher risk of becoming homeless than previous years. There have been countless laws and ordinances put in place throughout the country in hopes of solving this growing problem but many of them have failed to address one of the main things causing this issue, economic inequality and the unequal distribution of wealth in the United States. Although there are many non-profitRead MoreEconomic Inequality And Its Effects On Economic Growth1709 Words   |  7 Pagestopic of economic inequality. Over the past decades, economic inequality has been rising and at an increasing rate, expanding the gap between the rich and the poor. The direct relationship between inequality and poverty has shown that while inequality increases, so too does poverty. Increased inequality is harmful for economic growth and its effects also bear social implications. Although there are arguments on the conseque nces of wealth redistribution and its unintended impact on economic growthRead MorePoverty Inequality And Economic Growth1466 Words   |  6 PagesThe purpose of this essay is to investigate the extent in which poverty, inequality and economic growth are related. These three dimensions are regularly perceived as indices of the complex and multidimensional concept of ‘economic development’. This term is not black and white however: it is a concept that is more than just merely income analysis. Poverty can be broken down into two separate definitions: absolute and relative. Absolute poverty describes the position of an individual who is livingRead MoreEconomic Inequality Of The United States910 Words   |  4 Pagesin the world. It is ranked high in GDP per capita, which indicates people enjoy a higher living standard in a nation (Mahoney, â€Å"Economic Inequality in the United States†). However, the aggregated data collected for GDP per capita could not be take n account for the middle and lower classes. According to the Pew Research Center, statistics show that the US income inequality has reached the biggest gap in 2013 (Desilver). Evidently, not all Americans possess the wealth and enjoy the benefit from theRead MoreThe Effect of Income Inequality on Economic Growth1341 Words   |  5 Pagesglobalissues.org/article/26/poverty-facts-and-stats) So, if somebody wonders why did I choose the subject of inequality the previous lines are exactly the reason. The hypothesis I will try to prove further in my paper is that the striking gap between rich and poor population in the world cannot lead to economic growth. Furthermore, Human Capital is considered to be the main force that stimulates economic growth. But now that human capital is scarcer that machines, widespread education has become the secretRead MoreRelationship Between Inequality And Economic Growth1370 Words   |  6 Pagessocialist ideology, planned economy during the economic reforms, which started in 1978 and are still going on until nowadays, China has had continued presence of inequality. In my work I overview the evolution of inequality that could be divided into two historical periods: pre-reform period (1949-1978) and the reform period (1978- onwards). I also examine the correlation between inequality and economic growth in China. Although, with the sustained economic development and increase of living standards