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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
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).
A number of factors may help explain this increase in inequality, not only underlying technological changes but also the retreat of institutions developed during the New Deal and World War II - such as progressive tax policies, powerful unions, corporate provision of health and retirement benefits, and changing social norms regarding pay ...
Gender inequality, unequal treatment or perceptions of individuals due to their gender; Participation inequality, the phenomenon in which a small percentage of people contributes the majority of information to the total outcome; Racial inequality, hierarchical social distinctions between racial and ethnic categories within a society
While different theories may try to explain how income inequality comes about, income inequality metrics simply provide a system of measurement used to determine the dispersion of incomes. The concept of inequality is distinct from poverty [Note 1] and fairness.
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]
Left Behind and other reforms of this period, reducing the inequality between various sectors of American society were also primary objectives. Nevertheless, the evidence shows that minorities, including Hispanics, have not benefitted from these reforms as intended. Indeed, these policies are
Bennett's inequality, an upper bound on the probability that the sum of independent random variables deviates from its expected value by more than any specified amount Bhatia–Davis inequality , an upper bound on the variance of any bounded probability distribution