Concept

Economic inequality

Summary
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders). Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations (such as within a low-income group, within a high-income group and between them, within an age group and between the inter-generational groups, within a gender group and between them etc, either from one or from multiple nations). Income inequality metrics are used for measuring income inequality, the Gini coefficient being a widely used one. Another type of measurement is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequal
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