The UK has a very high level of income inequality compared to other OECD countries. According to the Office for National Statistics (ONS), the poorest fifth of society in the UK has only 8% of the total income, whereas the top fifth has40%. There are debates about whether higher inequality has a positive or negative impact on the economy. 

Drawing references from prominent theories and empirical evidence arguing between growth and inequality what should be the priority.

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ANSWER The empirical implementation of models of financial developments based on new theories of gro... View the full answer