Economic Inequality And Wealth Distribution

Abstract

Background: Economic disparity and the aspect of wealth distribution have been key issues on the international agenda with a growing focus on the emerging two-thirds poverty wealth gap. Therefore, this particular research study proposes to investigate the distribution of income and wealth, and public attitudes to the same using quantitative research methodology.

Objective: To measure the levels of income, wealth, and public perception of wealth and its distribution and how the government responds to it to achieve a qualitative assessment of economic inequality. The research intends to define trends and factors driving economic inequality and assess public satisfaction with policies coping with inequality.

Methods: This paper used descriptive quantitative research design which involved the use of stratified random sampling to sample 250 respondents. The survey data were collected using an online survey with questions regarding current income, total assets, savings patterns, and views on the level of inequality in society. To determine relationships between the variables descriptive statistics, chi-square tests, correlation analysis, and regression analysis were employed. Cronbach alpha was used to determine the internal consistencies of the respective responses from the patients.

Results: We also used the Shapiro-Wilk test for the normality of distributions to results also confirmed that both income and wealth distributions were not normal. Descriptive analysis showed the respondents were mostly earning between low to middle income, and most claimed poor wealth creation capacity. According to the survey, 60% of the respondents believed that the gap between the rich and the poor had increased in the past five years and many of them assessed the government’s action toward inequality as weak. Internal consistency of perception-related survey items was low as evidenced by the Cronbach’s Alpha value of -0.048.

Conclusion: The results provide evidence of high levels of economic polarization where prosperity is enjoyed only by a select few people. People still seem to be stuck in the financial that is to say they do not enjoy much freedom when it comes to finances, and the government’s attempts to alleviate inequality seem to be viewed negatively by the public. These outcomes indicate the requirement for additional and improved utilization of policies to achieve income equality and mobility. Subsequent studies should advance methods of assessing people’s opinions on inequality.