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The theory expanded in four decades to include the idea that some people have more disadvantages than advantages which influence the quality of life of societies, cohorts, and individuals. The theory is principally a social scientific explanation of phenomena but with links to biological and health factors, personal adjustment, and well-being.
Global share of wealth by wealth group, Credit Suisse, 2017. There are five systems or types of social inequality: wealth inequality, treatment and responsibility inequality, political inequality, life inequality, and membership inequality. Political inequality is the difference brought about by the ability to access governmental resources ...
Globally the poorest 50% hold 2% of the world's wealth, [note 4] compared with 76% for the richest 10%, of which 38% goes to the richest 1%, and 12% to the richest 0.01%. [note 5] As a result, wealth inequality will have increased by 50% between the poorest 50% and the richest 0.01% between 2008 and 2022. [30]
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 EAM defies the Kuznets curve, which insists growth produces inequality, and that inequality is a necessity for overall growth. [6] [10] Manufacturing and export grew quickly and powerfully. Yet, contrary to Kuznets' historical examples, the EAM saw continual increases in life expectancy and decreasing rates of severe poverty. [11]
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.
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.
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 ...