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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 central premise is that "social systems generate inequality, which is manifested over the life course via demographic and developmental processes." [2] Cumulative inequality and cumulative advantage/disadvantage (CAD) are two different but interrelated theories. Cumulative inequality has drawn from various theoretical traditions, including CAD.
(A world in which each person received a lifetime of income on their 21st birthday and no income thereafter would have an extremely high Gini, even if everyone received the exact same amount. Real-world incomes also tend to be spiky, although not to that extreme.) [259] Some 11% of households eventually appear in the 1% at some point. [29]
On the other hand, those in the middle class of the developed world (those in the 75th to 90th percentile in 1988, such as the American middle class) experienced little real income gains. The richest 1% contains 60 million persons globally, including 30 million Americans (i.e., the top 12% of Americans by income were in the global top 1% in ...
The two world wars were very big factors in keeping inequality low at the time. The rich were being heavily taxed by governments to finance the two conflicts, lowering inequality. After the wars, more socialist movements and trade unions emerged demanding better pay and working conditions, giving workers more power and lowering inequality.
Still, the scope of the problem – renters have a median net worth of just $10,400 compared to about $400,000 for homeowners with only about half of that accounted for by home equity – suggests ...
"Inside the World Bank's new inequality indicator: The number of countries with high inequality". World Bank. {}: CS1 maint: multiple names: authors list ; Global Peace Index Map of Gini data for 2007–2010; Shadow economies all over the world : new estimates for 162 countries from 1999 to 2007. Friedrich Schneider, Andreas Buehn, Claudio E ...
Normative interpretation of inequality through inequality indexes means that there is a relationship between an inequality index and a social-evaluation ordering defined on the incomes — incomes (nominal or real) of the members of society. Incomes are typically assigned to individuals rather than households by using an adult equivalence scale.