Income inequality is the uneven distribution of income among a population. Economists often measure extent of the income inequality in a country using the Gini coefficient/index which measures the income inequality via measuring the extent to which distribution of income between individuals within an economy deviates from a perfectly even distribution. This has been a pertinent issue of discussion in the 21st century due to civil rights movements, the use of social media and people being more open to discussions regarding this matter. True enough, Obama once said this is the one issue that has to be dealt with there and then. In Malaysia, applicable areas of income inequality include regional, racial and gender income inequality. Most economies place income inequality as one of their main macroeconomic priorities but none have come up with a concrete solution.

 

Thus the central question for the Economics Council will be, how important and serious is income inequality? Is it a problem that has to be overcome immediately, or should other priorities come first? Is progressive taxation and transfer payments the only way out? Are these measures sufficient? How best to form taxation structures and other methods to reduce income inequality? Through enthralling presentations and discussions, this council aims to evaluate whether there needs to be overwhelming changes in economic structures all over, if putting out a better system of progressive taxation is sufficient or even if this is an issue that needs to be overcome at the cost of other macroeconomic objectives. Stay tuned! 😎