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It is sometimes summarized by the adage or platitude "the rich get richer and the poor get poorer". [1] [2] Also termed the "Matthew effect of accumulated advantage", taking its name from the Parable of the Talents in the biblical Gospel of Matthew, it was coined by sociologists Robert K. Merton and Harriet Zuckerman in 1968. [3] [4]
Truth: The Very Rich are Getting (Very) Richer In recent years, the wealthiest 1% of people worldwide have accumulated almost two-thirds of all new wealth created, according to an Oxfam study.
15. Idaho. 2019 top 5% average income: $325,365 2014 top 5% average income: $249,679 5-year net change in average income: $75,686 5-year percentage increase in average income: 30.31% Learn More ...
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"Socialism for the rich and capitalism for the poor" is a classical political-economic argument asserting that, in advanced capitalist societies, state policies assure that more resources flow to the rich than to the poor, for example in the form of transfer payments.
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, [1] life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health.
The quality and level of education that a person has often corresponds to their skill level, which is justified by their income. Wages are also determined by the "market price of a skill" at that current time. Although gender inequality is a separate social issue, it plays a role in economic inequality. According to the U.S. Census Report, in ...
The debate over the wealth gap and whether the rich are advancing at a faster rate than the poor has been a political football for years. In times like these, hard data can be a good indicator of...