Economic Inequality, Inequality And Inequality

952 Words Oct 7th, 2015 4 Pages
According to the OECD, the term inequality in the opposite of equity can be defined as evenness or fairness within the social, political, and economic perspectives. Equity forms the core value of both the western democratic tradition and religions. From the concept of equality, inequality can be described as unfair or uneven treatments of the people within the society or unequal distribution of resources, income, and other factors between different sectors in the society. Inequality can be defined as the unfair or uneven conditions within the society, where some people control more wealth, money, opportunities, income, as well as political favoritism than others (Stiglitz, 2013). For some reasons, economists have included economic background of the people in the society as another form of equality. Inequality comes in different forms: The different types of inequalities are political inequality, inequality of outcome, economic inequality, Social inequality, and inequality of opportunity (Clark 2015).
First, political inequality can be defined using either distributional or interdependency approaches. With respect to distributional approach, political inequality is defined as structured differences within the society in the acquisition and distribution of political resources. On the other hand, interdependency approach defines this type of inequality as the influences that a person or persons have on government legislation as compared to others (Stiglitz,…
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