ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Some of key factors behind the increase in within-country income inequality noted in the literature include technological progress, globalization, commodity price cycles, and domestic economic policies such as redistributive fiscal policies, labor and product market policies.

Detailed explanation-2: -Income inequality is defined as the difference in how income is distributed among individuals and/or populations. It is also described as the gap between rich and poor, wealth disparity, wealth and income differences, or the wealth gap. ( income inequality, 2015)

Detailed explanation-3: -High levels of income inequality are linked to economic instability, financial crisis, debt and inflation.

Detailed explanation-4: -Societies with pronounced economic inequality suffer from lower long-term GDP growth rates, higher crime rates, poorer public health, increased political inequality, and lower average education levels.