Definitions
Definitions are like keys that unlock the meanings of words and concepts in our vast world. By providing clarity and understanding, they serve as guiding lights through the maze of language. Every definition is a tether to knowledge, connecting us to the collective wisdom of humanity. They shape our perceptions, shaping how we see and interact with the world around us. definitions not only illuminate but also challenge, provoking us to question and seek further understanding. Through definitions, we grasp the complexities of existence and find solidarity in shared meanings, bridging the gaps between individuals and cultures.
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Definitions and calculation of Atkinson index
The Atkinson index is a measure of income inequality within a population. It is calculated by taking the reciprocal of the elasticity of a society's welfare function with respect to income. This index ranges from zero to one, with higher values indicating greater inequality. To compute the Atkinson index, one needs individual household income data, which is then adjusted for economies of scale and regional price differences. The calculation involves comparing each household's income to a hypothetical equal-income distribution. This index provides insight into the extent of wealth concentration and can be used to assess the effectiveness of redistributive policies in reducing inequality.
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Definitions and types of social inequality
Social inequality refers to the unequal distribution of resources, power, and opportunities within a society. It can be categorized into three main types: economic, social, and political inequality. Economic inequality refers to disparities in income and wealth, with some individuals having significantly more financial resources than others. Social inequality encompasses differences in social status, such as education, occupation, and access to healthcare. Political inequality pertains to disparities in political power and influence, where certain groups may have more control and representation than others. These types of inequality intersect and reinforce each other, creating systemic barriers and disadvantages for marginalized groups. It is crucial to address social inequality to ensure a fair and just society for all.
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