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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]
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).
After rising for a century, average life expectancy in the U.S. is now declining. And for those in the bottom 90% of the income distribution, real (inflation-adjusted) wages have stagnated: the income of a typical male worker today is around where it was 40 years ago. —
The inflation shock of 2021-22 will have a lasting impact on how low- and middle-income Americans spend money, ... and we want to see people’s economic life quality rising because people have ...
(1), which characterizes money as both a tool and a drug, emphasizes that people value money for its instrumentality: Money enables people to achieve goals without aid from others. Therefore, we predicted that reminders of money would lead to changes in behavior that suggest a feeling of self-sufficiency. When reminded of money, people
Human life has several aspects: social, religious, economic and political—but economics is concerned only with the economic aspect of life. Promotion of welfare is the ultimate goal, but the term welfare is used in a narrow sense to meet material welfare only. [2]
Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse environmental, legal, social, economic, and political causes and effects. [1]
Also, according to new research (2019) China's main state pension fund will run out of money by 2035 as the available workforce shrinks due to effects of that country's one-child policy. [11] With the exception of Africa, this trend prevails, to a greater or lesser extent, everywhere else in the world. Decline in military strength.