Sociology 1027A/B Lecture Notes - Lecture 3: Corrado Gini, Gini Coefficient, Warren Buffett
29 Jan 2017
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Economic inequality why is this a problem for all: violates our sense of social justice, massive inequality hampers economic growth and development. Creating inequality seems to trickle down into economic conditions: many of the richest have made fortunes on the backs of others: financial speculation, retail and sweatshops; technology and destruction of employment. Some argue that the massive profit depends on the suffering of many people. Ex) walmart benefits by paying immensely low wages, bartering with suppliers, etc: rich people avoid taxes, bad for democracy political influence and non-democratic philanthropy. Measuring inequality gini index: developed by italian sociologist corrado gini, measures income inequality on a scale of 0 to 1. 1 represents maximum level of inequality in a society: lower gini index = more equal country. Why has inequality in canada increased: shareholder economy and executive pay. Income increases substantially as the company increases and they get return on their shares.
