Income Inequality Research Paper

Income inequality is assessed by using “Gini coefficient” (Gini, 1909) and it is one of the commonly used measurement tools across the globe. The Gini coefficient is normally explained by using Lorenz curve where the income of individuals are arranged from the lowest income level to the highest income level (Lorenz, 1905). A Gini coefficient with zero means perfect equality, whistle one or 100 percent means maximum inequality (Rogerson, 2013) . Based on income inequality measurement tool; Gini coefficient, Wilkins (2014a) suggests that there was a decline in Gini coefficient between 1994 -1995 and 1996-1997 by showing an inequality in Australian household income. On the other hand, between 2003-2004 and 2007-2008, the Gini coefficient increased

In Income Inequality: Too Big to Ignore, Robert H. Frank paints a picture to the reader about the struggles of pier pressure. For example: an upper-classmen chooses to buy a big house and fancy clothing. This acts as a “frame of reference” to the changes and norms of the society. If he spends money on something nice, a middle-classmen will then go and decide to do the same thing, and then a lower-classmen…all the way down the social hierarchy. This is what he calls an “expenditure cascade.” Robert relates this with a person’s downfalls, which can be traced due to lower income inequality. Income inequality basically means that in a given quantity, the dispersion of income is underlined by the gap between individuals and or households with

Poverty and income inequality are clearly widespread in avoidable in an economic system that caters to the wealthy and controls how the wealth is produced and distributed. We claim to want a society free of poor people. The system that people participate in and how they participate in the system has to change but the elephant in the room is how will this change

The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.

Individuals’ perceptions and relations towards each other can cause strife when comparing on terms of monetary worth and value. Americans dislike the division of income and wealth into the commonly categorized 99 percent of the majority population and one percent wealthy. Interestingly enough, though, despite the large increases in economic inequality since 1970, the majority of Americans do not support the redistribution of wealth (Ashok, Kuziemko, Washington). Notwithstanding, capitalism still draws criticisms that if more businesses were Christian-like in their practices, such divisions may not exist. This notion clearly demonstrates a misunderstanding in wealth distribution in America, as well as a misunderstanding in God’s perception of material inequality.

In the article where Michael Shermer has his commentary, the skeptical side of income inequality is discussed. The article is very unique because it is a bunch of critics that respond to Michael Shermer’s claim “that the U.S. is still the land of equal opportunity.” Many scholars criticize Shermer’s skepticism that the income inequality is not as large as people perceive it to be in the United States. In one case, Shermer responds to a critic and he highlights how the rich and poor are not that far apart, emphasizing how many economists believe that poverty can be reduced to 0% by 2100, some believing even by 2050. Shermer concludes his response to the critic by signing off saying that the Bill and Melinda Gates Foundation predicted poverty

How can students from all household types go to college without being thousands of dollars in debt?

Income inequality has slowly become an issue gaining momentum over the last thirty-five years, did we see it coming, I think so. It has always been an issues, only after decades of misleading political leadership spanning decades are people finally fed-up of being misled and lied to. The current election for the next president has brought about a voice of the American people to demand a change within our three failing political systems that govern America. Only this change, I believe is going to bring a country to its knees, the wealth holders are not, going to just step aside and willing unlock the scales of wealth that to encumber its poor, they are going to dig in and hold fast to what they have stolen and hoarded since the time of slavery.

When arguments arise in the United States (US) about healthcare systems, the common rebuttal in opposition to a state-run universal healthcare system usually goes something like, “If universal healthcare is so great, then why do so many people from Canada come here [United States] for treatment?” Although this seems like a logical rebuttal, it really misses the point. Firstly, the belief that an abundance of Canadians flee to the US for healthcare purposes is largely a myth (Katz, Cardiff, Pascali, Barer, & Evans, 2002). Secondly, people from all over come to the US for healthcare due to some of the best hospitals in the world (Katz et al., 2002). After all, the US does spend the most per person on healthcare in the world, it makes sense that

The topic I chose to analyze is income inequality. According to the New York Times, even though an individual attend college it doesn’t guarantee that they will acquire income equality. I feel that most income equality is due to racial discrimination. According to the New York Times, education supposed to be the best way to balance the income gap. “Income inequality have grown between white and black workers since 1979, even when you factor in the fact that black workers education level and work experience has increased to match the much needed workforce” (The Editorial Board, 2017).

Wealthier individuals often have more power than the poor and are sometimes even able to maintain their wealth at the cost of the poor. Inequality of income is often one of the most significant reasons for the disparity within classes socially and one of the most important reasons that poverty is often intergenerational. Particularly in this tumultuous political time of divisiveness, people who are willing and able to make changes to the status quo in meaningful ways are of the utmost importance. Closing the gap in wealth is one of the most essential ways to ensure that inequality is addressed and that the other social issues surrounding this gap will be lessened and lessened until it hopefully eventually disappears. Change-makers are more important than ever and those groups and nations as well as individuals with power that are willing to be honest with themselves and

Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The

Income inequality has been a major issue in American history. There are many different factors that contribute to inequality. These include education, wealth, discrimination, ability, and monopoly power.

We live in an unequal world and things are not going to get any better. According to a study by anti-poverty charity Oxfam, the wealthiest 1% will own more than the rest of the world’s population by 2016.

Much has been written about Economic inequality and how it affects various aspects of quality of life. The literature is varied with recent works such as Richard Wilkinson and Kate Pickett’s Spirit Level which suggesting that economic inequality has a detrimental effect on several factors such as increased crime, increased obesity, and worse mental health within a country. Whilst other authors have seen economic growth as part of the development process as outlined by Simon Kuznets. Whilst there has always been a wide range of literature on inequality, this literature has expanded significantly since the Financial Crisis of 2008. The financial crisis seems to have sparked a vast amount of public disapproval which has been reflected in the increased literature and popularity as shown through French economist Thomas Piketty’s best-seller ‘Capital in the Twenty-First Century’