Jul 23, 2017
Describe the pattern of income inequality
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Describe the pattern of income inequality INSTRUCTIONS:
Describe the pattern of income inequality between countries and how it has changed since the Industrial Revolution. Discuss the importance of institutional structure and how specific institutions may affect economic performance.
CONTENT:
NameCourseCollegeDescribe the pattern of income inequality between countries and how it has changed since the Industrial Revolution.Income inequality refers to an economical unevenness that depicts a difference between individuals /nations in the distribution of their assets, wealth or income. Alternatively it can also be described as the extent to which wealth is distributed in an uneven fashion among individuals or nations. Ideally it`s the gap between top and least earners in a particular country or among nations.Income distribution in traditional societies was almost alike across all the societies however this greatly changed after the occurrence of the industrial revolution. In traditional societies were characterized with subsistence income but this changed after the industrial revolution as stable per capita income took over in most societies. During the industrial r...
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