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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).
These groups are made up of young millionaires who are more aware of the issues of climate, taxation, inequality and global poverty, as economist Dominique Plihon explains: "The new generation [of millionaires] is also more aware of the convergence of crises. Climate crisis, fiscal crisis, economic crisis and democratic crisis are intrinsically ...
International inequality refers to inequality between countries, as compared to global inequality, which is inequality between people across countries. International inequality research has primarily been concentrated on the rise of international income inequality, but other aspects include educational and health inequality , [ 1 ] as well as ...
The concept of inequality is distinct from that of poverty [5] and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
The Galor-Zeira model, established by Oded Galor and Joseph Zeira in 1988, is the first macroeconomic model to examine the influence of economic inequality on macroeconomic dynamics. The model disputes the previously prevalent view, held by the representative agent approach in macroeconomics till the early 1990s, that economic inequality has no ...
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]
World Bank Group President David Malpass said widening inequality is his biggest concern about the global economy, calling on advanced nations to do what they can to assist the poorest countries ...
The United States economy, complex and highly developed, is the largest global economy with the sixth highest per capita GDP (PPP) and about 20% of the total global output. The economy comprises dominant production sectors such as technology, financial services, healthcare, and retail. More than 20% of companies on the Fortune Global 500 ...