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Inequality between nations is declining
Poorer nations have been growing faster than the richer nations.
United Nations findings about Global Income Distribution:
Inequality between nations is declining
Inequality Between all people of the globe is increasing
Inequality between nations is still very high
How is Inequality between nations declining yet still being very high?
Due to Poorer nations growing faster than the quicker nations, but The average income of people in Northern America is 16 times higher than that of sub-Saharan Africans
How is Inequality between all people of the globe increasing?
The top 1% of the rich population is getting 20% of the income.
The bottom 50% of people make up only 9% of the total income, indicating a large income gap.
Related to curve of ceo wages
World Banks Poverty Line
In poverty if you make less than 1 dollar a day
Theories of economic distribution
Market Based Income Distribution
Marginal Productivity Theory: Marginal Revenue Product
Market Based Income Distribution (Milton Friedman)
Milton Friedman: Liberal Economist
A fair distribution of income is what you earn and the skills you posses earn
carpenter: income determined by the amount people are willing to pay you to frame houses
If you don’t have a job, and don’t have a skill, your income should be zero
Reflects your societal value of you production
Marginal Productivity Theory: Marginal Revenue Product
The income of a worker is based on the value of what a worker produces
