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In: Economics

Aare economic inequality, wealth inequality, income inequality, and class inequality alike? Explain the difference.

Aare economic inequality, wealth inequality, income inequality, and class inequality alike? Explain the difference.

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Expert Solution

They are not like the same but under economic inequality there comes the income inequality, wealth inequality and the class inequality. The economic inequality covers a wide range of the areas.

Income inequality refers to the unequal distribution of income among the people, that is the poor getting a small percentage and the rich are getting lion share of income. The income inequality represents the gap between the poor and the rich.

Wealth inequality refers to the unequal to distribution of the wealth in the country , the difference between the income and the wealth inequality is that the wealth the stock of valuable possessions in one own's hand and the income is the flow of money the people receive at some particular intervals. The wealth inequality is more severe than the income inequality.

The income inequality and the wealth inequality creates the class inequality, lack of income and the wealth make people's life harder.

Rahul Sunny answered 2 years ago
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