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• W583117838 abstract "IntroductionInequality is one of the critical factors impacting the progress of a process of development in a society. Other factors also have an impact, such as health and education level of the population; scientific and technological development; competitive economic system, value chains, production networks and business units to which they belong; environmental protection; degree of social cohesion; effectiveness and transparency in the management of public affairs. The impact of all these factors on development is felt in all countries and regions, but with particularities of each set of national and / or regional circumstances.Influencing factors of income inequality previously presented influence and condition each other. It is not always clear which is the cause or effect, because relationships can evolve according to circumstances arising and, therefore, as well as the specific importance of each factor acquired in the evolution of society.1. Income inequality and economic growthContemporary global economy is characterized by the fact that there are large inequalities of income by the current economic liberal paradox. There are many developing countries which records high levels of economic growth, but still have high income division in terms of income inequality.Income inequality is a difference which arises because of large divisions in personal economic and non-economic income of people. Economic growth is assumed to occur when individuals use their resources and rearranges / recombine it in ways that make them more valuable (generates added value). Recombination processes of resources must be innovative to support the economic growth rate. Growth is essential to increase economic income for participants. The problem I want to analyze is if income inequality is necessary to achieve economic growth or undermine it.Todaro1 made four arguments according to which a higher level of equality for developing countries could be a prerequisite for a sustainable economic growth. Thus, inequality would lead to: non-productive investments of the rich, a lower level of human capital of the poor, the consumption among the poor based on local goods and a rejection of the politics of the masses (ordinary citizens).Starting from an endogenous growth model in which human capital endowment is considered heterogeneous and capital markets are considered imperfect, Aghion, Caroli and Garcia-Penalosa2 argue that there are at least three reasons why inequality has a nevatively direct impact on growth, namely: reduces investment opportunities, reduces borrowers incentives, generates macroeconomic volatility.In the same context, Knowles3 highlighted four ways in which inequality can harm economic growth. The first argument is that an unequal income distribution will create pressure in terms of redistribution and therefore will reduce growth. The second argument is that inequality may lead to social and political instability, which will reduce investment and growth. On the other hand, inequality may lead to a reduction of investment in human capital and hence to a reduction in growth. The last argument refers to the effect that inequality has on fertility change which may also lead to a decrease in investment in human capital, with negative effects on growth.Arguments to the effect that redistributive policies can support growth by reducing inequality, are not new. According to the model of growth presented by Su4, if inequality is seen as a negative factor for social institutions (and the environment), then the elasticity of production factors substitution in developed and developing countries will increase, causing a decrease in aggregate production and a slowdown in economic growth in all countries.According to Banerjee & Duflo5, opportunities for economic growth do not automatically translate into real growth. According to them, when the economy grows, people with high income are experiencing an inequality decline, while the opposite is the case for low-income people. …" @default.
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• W583117838 title "The Effects of Income Inequality" @default.
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