Economic Inequality In The United States
Economic inequality is the variance found in many processes of economic well-being among individuals in a group, among groups in a population, or among countries. Economic inequality is sometimes called income inequality, wealth inequality, or the wealth gap. Social inequality arises when resources in society are distributed unevenly, through the types of distribution, which create specific patterns along the lines of socially defined groups of people. It is the different preference of access of social goods in the society brought about by power, religion, kinship, prestige, race, ethnicity, gender, age, and class. The social inequalities include labor market, the source of income, health care, and freedom of speech, education, political representation,
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Though the disciplines of economics and sociology generally use different hypothetical approaches to study and explain economic inequality, both arenas are aggressively involved in researching this inequality. However, social and natural resources other than purely economic resources are also unevenly distributed in most societies and may contribute to the social status …show more content…
In 1979, the Chinese government introduced several new programs designed to stimulate the economy. Later, the Chinese GDP annual growth rate rapidly increased from 5.3% in 1979 to over 15% in 1984. The growth rate rose and fell in the years that followed, but China has generally maintained one of the highest rates of growth globally since the 1980’s. During the same period of time that Chinese economic growth took place, economic inequality in China also increased. Currently, China has one of the highest wealth inequalities in the world.
Many people may argue that a society with distinct economic inequality is fair-minded than a society with a generally equal wealth distribution. Fair markets tend to develop distinct economic inequalities as I discussed. Economic equality then generally needs the use of redistributive state policies such as progressive taxes. In basic terms, economic equality requires taking from the “have’s” and giving to the “have not’s.”
Higher levels of inequality can act as a positive influence on economic growth when you view it in the short scheme of things. However, some economists found firsthand evidence of a negative association of about 0.5-0.8 percentage points between long-term growth rates and constant economic
Though the disciplines of economics and sociology generally use different hypothetical approaches to study and explain economic inequality, both arenas are aggressively involved in researching this inequality. However, social and natural resources other than purely economic resources are also unevenly distributed in most societies and may contribute to the social status …show more content…
In 1979, the Chinese government introduced several new programs designed to stimulate the economy. Later, the Chinese GDP annual growth rate rapidly increased from 5.3% in 1979 to over 15% in 1984. The growth rate rose and fell in the years that followed, but China has generally maintained one of the highest rates of growth globally since the 1980’s. During the same period of time that Chinese economic growth took place, economic inequality in China also increased. Currently, China has one of the highest wealth inequalities in the world.
Many people may argue that a society with distinct economic inequality is fair-minded than a society with a generally equal wealth distribution. Fair markets tend to develop distinct economic inequalities as I discussed. Economic equality then generally needs the use of redistributive state policies such as progressive taxes. In basic terms, economic equality requires taking from the “have’s” and giving to the “have not’s.”
Higher levels of inequality can act as a positive influence on economic growth when you view it in the short scheme of things. However, some economists found firsthand evidence of a negative association of about 0.5-0.8 percentage points between long-term growth rates and constant economic