Recently, I was made aware of an article by the famous Harvard economist Gregory N. Mankiw ("Defending the One Percent’’, The Journal of Economic Perspectives, 2013). In that article, he puts forward an interesting thought experiment. Assume we were in a state in which the market outcome would lead to absolute equality among economic agents.

Large gaps exist between male and female wages across the world. Eurostat data about the unadjusted Gender Pay Gap (GPG) represent the difference between average gross hourly earnings of male and female paid employees as a percentage of average gross hourly earnings of male paid employees.

Is inequality bad for economic development? There has been a lively debate on this issue. Some economists argue that inequality is necessary for economic growth, while others are against it.

Poverty and income inequality are two of the top concerns for the newly elected Georgian government. Indeed, despite impressive growth performance (annual growth rates have averaged more than 6% since 2005), Georgia remains a poor country.

Despite spectacular growth performance during the past several years (averaging more than 6% since 2005), Georgia remains a poor country. In 2011, Georgia’s GDP per capita reached USD 3,215, just below the average for small island states in the Pacific and just above Guatemala.