What Is Economic Inequality?

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What is Economic Inequality?


Economic Inequality means unequal distribution of income and resources among the people of society. Economic inequality creates disparities among the people, especially a major gulf between rich and poor. It is a concern for almost all the countries of the world because the rich will become richer and for the poor, there is very little chance to climb up the social ladder. But it doesn’t mean that if you are born into a poor family then you’ll always be poor, People can change their lives with hard work, education, enhancing skills, smart work, etc.

What is Economic Inequality?
What is Economic Inequality?

Different Perspectives in Economic Inequality:

There are two perspectives of economic inequality, first is that people earn more income based on their efforts, hard work, skills, and abilities. People who work more will be more successful than those who don’t work. Based on this view, one’s income is determined by what one does, including what one does for himself or herself.  Everyone is entitled to earn a living if he or she works hard enough.

And the second perspective is in economic inequality, one looks at the possibility that factors such as skills and abilities are determined more by chance than choice.  A person with extraordinary athletic abilities or a genius IQ will likely earn more money than a person without these gifts.  Does that seem fair?  When the playing field is uneven, it is likely that different outcomes will occur even with the same effort.

Likewise, to understand this human behavior is important to understand the economics and economic inequality, which can further help a student to clearly understand the subjects of liberal arts also. In the economy, there should be equality or equity? This question is a major concern for many economies of the world and economist has explained that equal distribution of resources means everyone will get resources equally even if one doesn’t in need, but equitable distribution means everyone will get that much only, how much there are in need.

Situations during the Pandemic: Covid-19

Covid-19 has highlighted and increased economic inequality. People with lower incomes have been forced to work in the workplace. This exposes them to infections, while people with higher incomes tend to be able to work from home more regularly. People at lower income levels have been disproportionately affected by the economic recession, which began in early 2020. The Indian identity is fractured by growing economic inequality. Accordingly, society is increasingly divided into “us” and “them.” In addition, to the extent that economic power can buy political power through access to elected officials, inequality compromises the legitimacy of government.

Top Colleges in Liberal Arts Studies:

It is important to understand this sector as this is an integral part of the liberal arts program and in order to clearly understand that I’m providing some insight on the good colleges for liberal arts studies, which aims that student must get excellent learning with practical and interactive learning sessions.

  1. Stanford University
  2. Swarthmore College
  3. Alliance University

Alliance is good for the liberal arts program because it allows students to choose from a wide range of subjects as they plot their own path to their chosen majors. Before choosing a major, students are encouraged to clarify their passions and goals. To make them competitive in the competitive world ahead, students will be encouraged to master skills in languages, mathematics, and computer science, as well as extracurricular activities such as drama, debate, and sports.

Alliance’s School of Liberal Arts provides students with a holistic education, instilling values, skills, and knowledge so they can influence their communities and make their mark on the world. The school’s faculty are recognized nationally for their excellence in teaching, research, and pedagogy.