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The Importance Of Income Inequality

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The Importance Of Income Inequality
Inequality is an extremely controversial topic, there are infinite ways of measuring inequality - wealth, income and opportunities are just a few of them. Income inequality is the difference of household earnings and there are many factors that come in to play. It is by no means new to our society; before 1980, the top 1% was paid on average 80% more than the median wage (Bourguignon, 2015). As with any statistical modelling and measuring approach, there is a great deal of complexity to capture absolute inequality. Challenges faced include different living standards, different availability of public goods and even differences in the under-declaration of tax completion. One of the most commonly used measures is the GINI coefficient, it presents
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