Business Environment, 1st Edition by Pearson

Chapter 2: National Income | 31 |

 An increase in national income does not necessarily mean an

increase in economic welfare. which is a sense or feeling of

well-being.

 Inequalities of income arise due to a variety of causes. Differ-

ences in intellect and physique, differences in sex, inheritance of

private property, inequalities that arise due to work, nature and

responsibility of the work done and the disequilibrium that arises

due to differences in supply of and demand for labour inequali-

ties breed economic, social and political tensions. The Govern-

ment of India tries its level best to reduce the inequalities of

incomes through monetary ...