October 9th - Income Inequality 1 Income inequality 14:45 a...

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Income Inequality 14:45 1. Income inequality a. Sociologists tend to think in terms of median when it comes to income. They  don’t use the mean because of the extremes. The only time that it’s  appropriate to use both (median and mean) exchangeable is when there’s an  even distribution. Sometimes they talk in terms of quartiles and deciles as  well. Always use the ninth decile (refers to the top ten percent) value so there  is no upper limit.  b. There is a huge difference between income and wealth. Only a fraction of the  money from the top 1% wealthiest people in the population comes from  income, most of it comes from wealth (stocks, assets, etc. minus debt).  Welfare is not included in income but in wealth. These numbers are used to  decide laws about society. These numbers are only referring to the numbers  of full-time workers. This leaves out people who have been relieved of their 
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