CHAPTER FIFTEENMarkets and inequality
1. Introduction
Individuals in human populations are characterised by a variety of traits, reaching from those that are predominantly defined biologically, such as height and proneness to certain illnesses, to complex social-institutional types, such as entrepreneurs and investors. The question arises of which dimensions and levels of diversity are deemed as inequality with economic relevance and why. Standard economic theory takes a clear stance, using indicators related to monetary income and wealth as key measures of inequality between individuals and households (e.g., income or wealth deciles, poverty thresholds), firms (profits), and regions and countries (e.g., GDP ...
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