Understanding Wealth Inequality

Professor Dave discusses microeconomics, focusing on individual choices and their positive outcomes. He highlights wealth inequality as a negative externality, explaining its societal impacts, such as crime and reduced economic growth. The Gini index is introduced as a measure of inequality. The tutorial concludes with a transition to macroeconomics, emphasizing the need to understand broader economic concepts.

In what ways can wealth inequality impact both the wealthy and the poor?

Why is it important for the wealthiest individuals to be concerned about rising wealth inequality?