Notes

One of the cause of Income inequality is Corruption.
What is corruption?
-Corruption is dishonest conduct on the part of those in authority. People who abuse their authority can be either individuals or members of groups, such as corporations or governments. Giving or receiving bribes or inappropriate gifts, engaging in double dealing, and scamming investors are just a few examples of the activities that might be considered corrupt.



What is Income inequality?
-In terms of economics, income inequality refers to a considerable gap in the way that people, groups, communities, social classes, or nations distribute their income. A significant aspect of social class and stratification is income inequality. Numerous other types of inequality, such as those involving income, political influence, and social position, are affected by it as well as being affected by it.

To solve the problem of income inequality we should apply this three ways to reduce Income inequality.
1. Increase the minimum wage - The primary purpose of minimum wage is to provide workers with a level of income that allows them to meet their essential needs. It acts as a safeguard against extremely low wages and helps reduce poverty and income inequality within a society.
2. Build assets for working families - Policies that encourage higher savings rates and lower the cost of building assets for working and middle class households can provide better economic security for struggling families.
3. Invest in education - Differences in early education and school quality are the most important components contributing to persistent inequality across generations.