Redefining Economic Equality in Terms of Equal Opportunities

The term 'Economic Inequality' has been used for a long while but mostly viewed through the income disparity lens. The new perspective considers economic inequality through the lens of equal opportunities to achieve success.
--By Debra Jenkins

Economic inequality affects everyone because it means that, for some people, incomes have stagnated and the large disparities in income and wealth limit the ability of a country to prosper. In the past, economic inequality was assessed solely in terms of income and wealth numbers rather than equal opportunities. If people have unequal opportunities to increase their income and standard of living, economic inequality persists. The economy suffers also because consumption is depressed since people cannot afford to buy goods and services beyond the essentials.

This is a vicious cycle that has proven to be difficult to interrupt despite generous government social programs. It is becoming clearer that businesse...

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