The existence and persistence of economic inequality within modern market economies is basically due the fact that the pays/wages are established by a market who is influenced by supply and demand. Hence, inequality is caused by the differences in the supply and demand for different types of work. Functionalist and conflict theorist have opposing views.
Economic inequality is the unequal distribution of income and opportunity between various groups in society. It is a concern in almost all countries in the world as people are usually trapped in poverty with little possibilities to move up the social ladder.
Functionalist theorists postulates that inequality is inevitable, desirable and serves an important function in society. Important positions in society warrant more training and thus should receive more rewards. According to the view, social inequality and social stratification lead to a meritocracy based on ability.
Conflict theorists postulates that stratification promotes inequality, such as between rich business owners and poor workers. Conflict theory believes that economic inequality is detrimental to society because it creates a system of winners and losers. This theory sees the disparity as being a powerful group dominating over a weaker group of society.
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