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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics A
  6.  
  7. Unit 4 - A global perspective

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A* summary on inequality

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EXAM IS COMING!!!!! This is everything you need for this topic! I got A* studying this, soooooo it will probably reduce your time and effort to find a tutor and it will be more beneficial than your class notes!!! Check out for other summaries in my uploads.

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  • Theme 4
  • January 20, 2023
  • 4
  • 2022/2023
  • Summary

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4.2.2 Inequality
a) Distinction between wealth and income inequality
Wealth: Wealth is a stock of asset at a particular point in time e.g. housing, pensions
Income: Income is a flow of money with respect to time e.g. interest, wages
Equity: fairness – everyone got diff 需求 so its abt getting wt ppl want
Equality: everyone treated equally – got exactly the same thing


a) Measurements of income inequality:
 the Lorenz curve (diagrammatic analysis)




 the Gini coefficient
= A / (A+B)
‘0’ = super equality
‘1’ = super unequal


c) Causes of income and wealth inequality within countries and between countries
Reasons for income inequality:
1. Difference of wealth
2. Human capital (education and skills)
- Income/wages are determine by labor market MRP
- Workers skilled/productive => higher wages (depends on health & education)
- Wages for lawyers OR cleaners
V tech X tech  less productive
Increase productivity


3. Discrimination
4. Government tax & benefit policies
- X progressive tax system
- Increase regressive tax
- No proper tax system
- American not give out benefit becoz they think inequality is good

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