economic institutions 8 According to Thomas Piketty what is

economic institutions? 8. According to Thomas Piketty, what is the single most important rule that leads to the long-run dynamic of income and wealth distribution? 9. \"Income inequality was more serious in Europe than in the US in 1900-1910, as well as in 2000-2010.\" True/False/Uncertain.

Solution

Q9) Answer: this is false.

Income inequality means the gap of income between different class of people (basically between rich class and poor class) in a society. It appeared to be highest in Europe compare to the US in 1900-1910, because in Europe it was 45% compare to the US it was only 40%. But this scenario changed during 2000-2010 when Europe had nearly 35% and the US became high as 47.5%.