15 Facts About Economic inequality

Oxfam's 2021 report on global inequality said that the COVID-19 pandemic has increased economic inequality substantially; the wealthiest people across the globe were impacted the least by the pandemic and their fortunes recovered quickest, with billionaires seeing their wealth increase by $3.

The 2022 Oxfam report said that growing economic inequality has been a factor in increased mortality rates during the pandemic, contributing to the deaths of 21, 000 people on a daily basis, while the wealth of the world's 10 richest billionaires doubled, and advocated a tax on the ultra rich to ameliorate these deadly inequalities.

In 2018, U S income inequality reached the highest level ever recorded by the Census Bureau.

Two researchers claim that global income inequality is decreasing due to strong economic growth in developing countries.

In 2015, the OECD reported in 2015 that income Economic inequality is higher than it has ever been within OECD member nations and is at increased levels in many emerging economies.

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Income Economic inequality is measured by Gini coefficient that is a number between 0 and 1.

Some researchers, such as Juliet B Schor, highlight the role of for-profit online sharing economy platforms as an accelerator of income inequality and calls into question their supposed contribution in empowering outsiders of the labour market.

Economist Simon Kuznets argued that levels of economic inequality are in large part the result of stages of development.

Joseph Stiglitz, in his book The Price of Inequality, argued that the economic inequality is inevitable and permanent, because it is caused by the great amount of political power the richest have.

Economic inequality would be a natural consequence of the wide range in individual skill, talent and effort in human population.

However, contemporary classical liberals and libertarians generally do not take a stance on wealth Economic inequality, but believe in equality under the law regardless of whether it leads to unequal wealth distribution.

Liberal champions of equality under the law were fully aware of the fact that men are born unequal and that it is precisely their Economic inequality that generates social cooperation and civilization.

Economist Tyler Cowen has argued that though income Economic inequality has increased within nations, globally it has fallen over the 20 years leading up to 2014.

When income Economic inequality is low, aggregate demand will be relatively high, because more people who want ordinary consumer goods and services will be able to afford them, while the labor force will not be as relatively monopolized by the wealthy.

Alberto Alesina, Rafael Di Tella, and Robert MacCulloch find that Economic inequality negatively affects happiness in Europe but not in the United States.