Economic inequality
Distribution of income or wealth between different groups
Economic inequality
Economic inequality is an umbrella term for three concepts: income inequality, how the total sum of money paid to people is distributed among them; wealth inequality, how the total sum of wealth owned by people is distributed among the owners; and consumption inequality, how the total sum of money spent by people is distributed among the spenders. Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations (such as within a low-income group, within a high-income group, and between them, within an age group and between inter-generational groups, within a gender group and between them, etc.), either from one or from multiple nations. Income inequality metrics are used for measuring income inequality, the Gini coefficient being a widely used one. Another type of measurement is the Inequality-adjusted Human Development Index, a composite index that accounts for inequality. Important concepts of equality include equity, equality of...
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