What Is Economic Inequality?
The unequal distribution of income and opportunity between different groups in society is referred to as economic inequality.
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It is a problem in practically every country, and many individuals are locked in poverty with few opportunities to rise up the social ladder.
Several causes have contributed to the rise in economic inequality in the United States. Technological change, globalization, the demise of unions, and the declining value of the minimum wage are among them, in no particular order.
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Economic inequality can also be defined as the disparity in the allocation of assets, wealth, or income among individuals or populations. The disparity among individuals and groups within a society is the most common use of the phrase, but it can also refer to inequality across countries.
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The increased economic disparity can lead to labor market monopolization, with fewer companies necessitating fewer workers. Remaining employers can combine and profit from the lack of competition, resulting in fewer customer choices, market abuses, and higher actual pricing.
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Economic. Societies with less equality have less stable economies. Economic instability, financial crises, debt, and inflation are all linked to high levels of income inequality.
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Wealth and income inequality are the two categories of economic inequality discussed by economists.
