The Concept of Income Inequality

Name:
Instructor:
Institution:
Date:
Recent economic issue (Income inequality)
Introduction
In September 2018, the Federal Reserve reported that income inequality had reached its highest level in more than half a century. This happened despite the US having experienced steady economic growth over the past decade. It is alleged that the economic growth disproportionately benefited the wealthy. However, it is also true that unemployment has reduced immensely and Americans can easily access social services. As a result, how is it possible for the US to have such high level of income inequality while also enjoying a booming economy?
Reasons for thinking about income inequality
The major reason for thinking about income inequality is because of the confusion that surrounds this concept. Income inequality is basically defined as the concentration of wealthy in the hands of a small percentage in the general population. In ...