The Impact of Income Inequality on Economic Growth: A Comprehensive Analysis
Author(s):
Gitangshu Deva Sarma, Dr. Jhorna Sharma
Keywords:
Income Inequality, Economic Growth, Social Cohesion, Policy Recommendations, Globalization.
Abstract
Income inequality is the global issue that has been solved by income inequality globally and has strong social, political, and economical consequences. This essay yields an integrated discussion of income inequality’s effect on economic prosperity by bringing in various theoretical aspects, empirical findings, and policy presentations. Initially, this will evaluate the concepts and measurements of income inequality by focusing its multidimensional aspects and the factors that sustain the division. Next, it analyses the theoretical foundations on the association between the growth and income inequality through the Kuznets curve hypothesis, Piketty’s ideas of capital ownership and institutionalists approach. Lastly, the paper analyses the correlations between income inequality and pertinent economic indicators e.g. consumer spending, aggregate demand, creativity and enterprise The next point listed is how different factors play a role in determining the level of income inequalities, for example, the differences in education and skills, taxation policies, labour market dynamics, globalization, and technological innovations. To conclude, the work emphasizes policy solutions and programs that can aid in reducing income inequality as well as developing an inclusive and stable economic system
Article Details
Unique Paper ID: 163215

Publication Volume & Issue: Volume 10, Issue 11

Page(s): 999 - 1015
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