Economics Welfare Economics Questions
Social mobility refers to the ability of individuals or groups to move up or down the social ladder within a society. It is a measure of the extent to which individuals can improve their economic and social status over time. Social mobility can be influenced by various factors such as education, skills, income distribution, social networks, and opportunities for advancement. In a society with high social mobility, individuals have a greater chance of moving from a lower socioeconomic position to a higher one, while in a society with low social mobility, there is limited opportunity for upward mobility. The concept of social mobility is important in welfare economics as it reflects the fairness and equality of opportunities within a society.