Income Inequality. How bad is it?

StudyEconomics

Income inequality refers to the extent to which income is distributed in an uneven manner among a population (inequality.org). In a report by Organisation for Economic Cooperation and Development (OECD), gross domestic product per person has grown in 19 core OECD countries by a total of 28 percent, but would have grown by 33 percent over the same period if inequality had not increased after 1985. As well as meaning that the lower income citizens in a country benefit less from growth, this also affects growth in countries as it undermines education for disadvantaged individuals as well as hampers skill development.

In the world today, Slovenia acts superior to the rest of the world when income inequality is called into question with a gini coefficient of 0.249 whilst South Africa has the highest income inequality with 0.65. United Kingdom (UK) is relatively income unequal and has a gini coefficient of…

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