Means to Address Inequality
There is a need to take deliberate actions to address inequalities. The administration and people with resources should invest a significant portion to uplift the condition of people, such as women, young people, persons with disability, older persons, etc., who have been marginalized due to income inequality. The higher economic disparity may also open some opportunities that need to be made accessible to poorer sections of society.
Government policies to reduce income inequalities can bring effective changes in the condition of women, young people, and other groups who have capabilities but are deprived of resources and facilities. Policies that lower the cost of building assets and encourage higher savings can address the problem of unequal wealth distribution. Such initiatives can benefit working and middle-class households and provide them with better economic security.
Economic Inequality
Economic inequality is the unequal distribution of income and wealth between different groups in society. It is a concern in almost all countries around the world. Economic inequality can be measured in several ways, but the most common is to compare the incomes of the richest and poorest people in a society. For example, the Gini coefficient is a measure of income inequality that ranges from 0 to 1, with 0 representing perfect equality and 1 representing perfect inequality. In the United States, the Gini coefficient is currently around 0.4, which means that there is a significant amount of income inequality in the country.
Table of Content
- What is Economic Inequality?
- Causes of Economic Inequality
- Economic Inequality Examples
- Economic Inequality in India
- Factors of Economic Inequality
- Impacts of Economic Inequality
- Means to Address Inequality
- Challenges in Reducing Inequality
- Government Initiatives to Face Challenges
- Important Data on Economic Inequality
- Way Forward
Contact Us