Tag: Income Inequality
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Elites
Elites are influential, often smaller groups within society, gaining power through resources like wealth, knowledge, or connections. Their presence is felt in politics, economics, culture, and institutions. They can shape public opinion and social change but are also criticized for creating inequality. Their roles and identities vary across societies and times.
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Rent-Seeking
Rent-seeking is when someone tries to get a larger slice of the wealth pie, instead of making the pie bigger. It can lead to unfair advantages and slow economic growth. It’s hard to distinguish from normal business, impacts innovation, and can create income inequality, especially in countries with weak governance.
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Gini Coefficient
The Gini coefficient is a statistical measure used to quantify income or wealth distribution inequality. Ranging from 0 (perfect equality) to 1 (absolute inequality), it’s a widely used tool in economics, despite limitations like not accounting for income levels or inequality sources.