ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -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-3: -Social inequality occurs when resources in a given society are distributed unevenly, typically through norms of allocation, that engender specific patterns along lines of socially defined categories of persons.

Detailed explanation-4: -There is evidence that wide inequalities in wealth can contribute to unsustainable economic growth and perpetuate inequalities in education and employment.