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Economic equality: It refers to availability of equal opportunities to one and all present in the society, without any discrimination:
- Absolute economic equality of income has never existed in society. But democratic set up provides equal opportunities to at least those who are capable and possess potential with equal opportunities, inequalities may exist between individuals, but one’s position may be improved with the sincere efforts in the society.
Economic inequalities:
- Economic inequality exists if there are differences in wealth, property or income between different sections of society.
- It enhances the gap between the upper, middle, poor-rich and persons living below poverty line.
Measurement of economic inequalities:
- To estimate the number of people who are living below poverty line.
- To find out the differences between the rich and poor.
Importance of economic equality:
- Economic equality guarantees each and everybody equal opportunities to improve one’s potential and capabilities.
- Economic equality reduces the gap between the rich and the poor or high or middle class, etc.
- Economic disparities can make society more violent because the reforms cannot take place in such a society.