Understanding the concept of economic inequality from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
Economic inequality refers to the unequal distribution of resources, opportunities, and wealth among individuals or groups within a society. This concept is crucial in understanding how economic systems work and the impact they have on people's lives. In every society, there are individuals or groups who have more resources and wealth than others. This unequal distribution can lead to various social and economic issues, such as poverty, social unrest, and lack of opportunities for those at the bottom of the economic ladder. One way to measure economic inequality is through income inequality, which looks at the disparity in income levels among individuals or households. Another way to measure economic inequality is through wealth inequality, which considers the distribution of assets and wealth among individuals or groups. These measures help us understand the extent to which resources are concentrated in the hands of a few, while many others struggle to meet their basic needs. Economic inequality can have far-reaching consequences for society as a whole. It can lead to social tensions, as those who are disadvantaged may feel marginalized or excluded from opportunities for social mobility. Economic inequality can also impact economic growth, as it limits the ability of individuals to invest in education, healthcare, and other factors that contribute to overall economic development. Addressing economic inequality requires a comprehensive approach that looks at the root causes of inequality and seeks to create policies and programs that promote greater equity and fairness in the distribution of resources. This may involve measures such as progressive taxation, social welfare programs, and investments in education and healthcare. By understanding the concept of economic inequality and its impact on society, policymakers can work towards creating a more just and equitable society for all individuals.
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