Problems due to inequality
Rising inequality in income represents market failure. The poorest families are the worst sufferers as they are unable to share economic growth. This also hampers progress toward reducing the level of poverty. It widens financial instability and gives rise to other inequalities as well. Inequalities also affect the implementation of economic and social policies.
The problem starts when the purchasing power of low- and middle-income groups declines due to rising income inequalities because money transfers from those who spend on basic needs increase from those who spend on other goods. With an increase in income inequality in developed countries, it would affect developing countries that are exposed to financial markets.
Reasons for inequality
Due to the demand for skilled labor, changes in technology, and growth of trade demand and wages of the unskilled, labor has declined. This results in increased income inequalities. Unevenness in the distribution of resources and opportunities give rise to poverty. The major causes of income inequalities are:
Physical and mental ability to work
Discrimination and lack of opportunity
There are two standard ways of estimating income inequality:
Lorenz Curve: This is a visual representation of income inequality concerning population. It has a straight diagonal line that shows the line of equal distribution. The further the curve from the line of equal distribution, the more income inequality.
Gini Coefficient: This is a mathematical indicator. It is the area between the straight line and the Lorenz curve. It measures the extent of inequality. It is a number that lies between 0 and 1, where 0 signifies perfect equality and 1 signifies absolute inequality. As it can be seen in the curve here, the formula is Section AÃ· Section A+B.
Measures to control inequality
If there is proper redistribution or promotion of inclusive growth, there is a chance to have a reduction in the poverty rate. The poor can be made more productive and their assets need to be improved. There should be a correct distribution of income and growth as these are both the key factors to reduce poverty. There are two types of poor: marginal poor (those poor at a particular point of time) and long-term poor (those lacking skills). The aim should be a reduction in the number of poor in both the categories.
Growth must accompany a fall in poverty. The most important determinant that leads to inequality and poverty are wages that depend on human skills, location of the person, efficiency, etc. There is discrimination in wages because of the life cycle patterns of the worker and due to occupational crowding at the workplace. There are a few ways through which we can reduce poverty like minimum wage laws, welfare measures, negative income tax, anti-poverty programs, and work incentives. But there are few problems in measuring inequalities:
In-kind Transfers: These are the benefits that are given to the poor in terms of goods and services rather than cash. Also, these measurements are based on family incomes, due to which per capita income is difficult to estimate.
Life Cycle: Pattern of income variation in the life of a person is called life cycle. For example, a younger person initially earns less, but as they grow from experience their income rises only to fall after or at retirement.
Transitory Income: Many reasons affect inequality measurements like sudden variations. These include changes because of acts of nature or illnesses. However, a family depends on permanent income, which excludes transitory changes in income. Because of these factors, sometimes it is difficult to calculate inequalities.
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