EconomicsCode 9708
Addressing income and wealth inequality
What this topic asks you to be able to do
- how income differs from wealth: the first is a flow concept, the second a stock concept
- methods for gauging income and wealth inequality via the Gini coefficient (calculation not required)
- the economic drivers of inequality in income and wealth
- policies whose aim is to redistribute income and wealth: transfer payments; a minimum wage; essential goods and services supplied by the state; progressive income taxes, inheritance and capital taxes