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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.
Social connectedness to people of higher income levels is a strong predictor of upward income mobility. [10] However, data shows substantial social segregation correlating with economic income groups. [10] Social mobility is the movement of individuals, social groups or categories of people between the layers or within a stratification system ...
The term can be used either to describe a relative elite of professionals and managers [26] – also called the upper middle class – or it can be used to describe those in-between the extremes of wealth, disregarding considerable differences in income, culture, educational attainment, influence, and occupation.
It has been used as an input for testing theories explaining the distribution of income, for example human capital theory and the theory of economic discrimination (Becker, 1993, 1971). In welfare economics , a level of feasible output possibilities is commonly distinguished from the distribution of income for those output possibilities.
Absolute income, as theorized by economist John Maynard Keynes, is the relationship in which as income increases, so will consumption, but not at the same rate. [12] Relative income dictates a person's or family's savings and consumption based on the family's income in relation to others. Income is a commonly used measure of SES because it is ...
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).
Wealth is affected by movements in the prices of assets, such as stocks, bonds and real estate, which fluctuate over the short-term. Income inequality has significant effects over long-term shifts in wealth inequality. Wealth inequality is increasing: The top .1% owned approximately 22% of the wealth in 2012, versus 7% in 1978.
income accounts, which show primary and secondary income flows—both the income generated in production (e.g. wages and salaries) and distributive income flows (predominantly the redistributive effects of government taxes and social benefit payments). The balancing item of the accounts is disposable income ("National Income" when measured for ...