15 Facts About Income inequality

Oxfam's 2021 report on global Income inequality said that the COVID-19 pandemic has increased economic Income 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.

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 inequality is higher than it has ever been within OECD member nations and is at increased levels in many emerging economies.

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

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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 Income inequality are in large part the result of stages of development.

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

Economic Income 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 Income 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 Income inequality that generates social cooperation and civilization.

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

When income 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.

One practical argument in favor of reduction is the idea that economic Income inequality reduces social cohesion and increases social unrest, thereby weakening the society.

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