The income gap, also known as income inequality, refers to the difference in earnings and wealth between different individuals, households, or groups within a given society. It is often measured using metrics such as the Gini coefficient, which ranges from 0 (perfect equality, where everyone has the same income) to 1 (perfect inequality, where one person has all the income).
Income inequality can be caused by various factors, including differences in education, skills, experience, and access to opportunities. It can also be influenced by social and economic policies, such as taxation, social welfare programs, and labor laws.
High levels of income inequality can have negative consequences for a society, such as increased poverty, social unrest, and reduced economic growth. It is therefore an important issue for policymakers to address, through measures such as progressive taxation, education and training programs, and investment in social programs and infrastructure.
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