Less equal societies have less stable economies. High levels of income inequality are linked to economic instability, financial crisis, debt and inflation.
Inequality is necessary to encourage entrepreneurs to take risks and set up a new business. Without the prospect of substantial rewards, there would be little incentive to take risks and invest in new business opportunities. Fairness. It can be argued that people deserve to keep higher incomes if their skills merit it.Dec 6, 2019
Equality is about ensuring that every individual has an equal opportunity to make the most of their lives and talents. Equality recognises that historically certain groups of people with protected characteristics such as race, disability, sex and sexual orientation have experienced discrimination.Aug 2, 2018
If inequality affects how income groups behave… growth may be affected by their inability to invest in education and their lower health levels, among other factors. may reduce its demand for goods and services. could see them accumulate savings, which banks can then lend out, so increasing investment in the economy.