How poverty and inequality are complementary to each other?
Answers
Poverty is the scarcity or the lack of a certain (variant) amount of material possessions or money. Poverty is a multifaceted concept, which may include social, economic, and political elements. Absolute poverty, extreme poverty, or destitution refers to the complete lack of the means necessary to meet basic personal needs such as food, clothing and shelter
Economic inequality covers a wide variety of topics. It can refer to either income distribution, measuring the amount of money people are paid, or the distribution of wealth, which captures the amount of wealth people own. Inequality among nations is covered in the article International inequality, and inequality within various countries is covered in the article List of countries by income equality. Besides measurements between countries or states, there are important types of economic inequality between groups of people.
Important types of economic measurements focus on wealth, income, and consumption. There are various numerical indices for measuring economic inequality. A widely used index is the Gini coefficient, but there are also many other methods. Important concepts of equality include equity, equality of outcome, and equality of opportunity.
Research suggests that greater inequality hinders the duration of growth but not its rate.Whereas globalization has reduced global inequality (between nations), it has increased inequality within nations