Economic Inequality

Soon Beng Chew

Chapter 14 in Labour Economics and Public Policy:Managing the Labour Markets for Competitiveness, 2017, pp 215-221 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Economic inequality is important in two ways. First, rising economic inequality can cause unrest in a society. Any unrest can put an economy in vicious‒poverty cycle which will also hurt the rich. Secondly, because economic inequality can cause damage to society and the economy, most governments will increase welfare spending to improve income inequality. This will lead to increase in government spending and thereby affecting people’s behaviour in the labour markets because of moral hazard and other issues. This chapter will provide the analytical framework to understand the earnings distribution and factors affecting earnings.

Keywords: Labour Market Competitiveness; Labour Unions; Macro-Focused Union; Union Social Responsibility; Union as a Public Good (search for similar items in EconPapers)
JEL-codes: J08 (search for similar items in EconPapers)
Date: 2017
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