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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).
The evolution of the income gap between poor and rich countries is related to convergence. Convergence can be defined as "the tendency for poorer countries to grow faster than richer ones and, hence, for their levels of income to converge". [41] China's economic growth led to a major decrease in world inequality.
According to intra-country inequality at least in the OECD countries, a May 2011 report by OECD stated that the gap between rich and poor within OECD countries (most of which are "high income" economies) "has reached its highest level for over 30 years, and governments must act quickly to tackle inequality". [21]
The disparity between rich and poor countries at present is noted in the very first paragraph of the proposed treaty to be discussed in Geneva. ... A Brazilian government official involved in the ...
A correlation between being rich and being given high-paid employment . A marginal propensity to consume low enough that high incomes are correlated with people who have already made themselves rich (meritocracy). The ability of the rich to influence government disproportionately to their favor thereby increasing their wealth .
"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 ...
Quintile measures of inequality satisfy the transfer principle only in its weak form because any changes in income distribution outside the relevant quintiles are not picked up by this measures; only the distribution of income between the very rich and the very poor matters while inequality in the middle plays no role.
“The difference between a rich person, a middle-class person and a poor person is that a poor person buys dumb things with other peoples’ money, a middle-class person buys dumb things with ...