November 9, at 1:
Economic inequality also referred to as the gap between the poor and the rich, wealth disparity or income inequality consists of the differences in the income and wealth distribution.
Typically the term, the gap between the poor and the rich refers to inequality among groups and individuals in the society, but can as well refer to inequality among countries. The gap between the poor and the rich is related to the concept of equity: This paper explores different aspects related to the growing gap between the poor and the rich.
There are several reasons why there is a growing gap between the poor and the rich within societies. These reasons normally are interrelated. The major factors that are seen to affect the growing gap include innate ability, culture, education, globalization, labor markets, policy, taxes reforms, technological changes, racism, gender, inequality in salaries and wages.
A major cause of the growing gap between the poor and the rich within modern economies is the wage determination by the capitalist market. The job wages are determined by demand and supply in the capitalist market.
For instance, in a situation where there are many workers who are willing to do a job for a desirable time, then the supply of labor will be high for that job. On the other hand, there will be a low demand for a job in case there are few persons willing to do the job. When the supply is high and the demand is low for a job, there will be a low wage.
Apart from this market related factors which impact the inequality of the wages, government facilitated initiatives can as well decrease or increase inequality. Policy makers and social scientists debate the effectiveness and relative merits of every strategy of inequality regulation.
Typical initiatives of several governments that can reduce the growing gap between the poor and the rich include public education which can increase the skilled labor supply and reduce the income inequality because of education differentials.
Implementation of progressive taxation that will result to the rich being taxed relatively more as compared to the poor; hence the amount of income inequality in society will be reduced. Minimum wage legislation initiative will raise the income of the poorest workers. Products subsidization initiative will result to services and goods being provided cheaply to everybody.
Free and custom essays at kaja-net.com! Take a look at written paper - The Gap Between the Rich and Poor in Canada. Nov 18, · In “Class in America” Mantsios argues against what he claims are the myth of a classless society in America. He provides evidence regarding the rising socioeconomic gap between the rich and the poor in America and the huge differences in amounts of the top 1% of Americans and the rest of Americans. Yet, the gap between rich and poor gets wider, with a massive increase in wealth at the top, while the total wealth owned by those at the bottom is falling. Since , the richest 1% have more wealth than the rest of the world combined.
In conclusion, the trend whereby only the rich become rich can be resolved or reversed by putting more emphasis on financial literacy, education and investing in human capital, but this is not expected to be effected within the next decade because the growing divide between the poor and the rich in most countries such as USA is worsening because of the manner in which the resources are allocated.
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The Wealth and Poverty of Nations: Why Some are So Rich and Some So Poor (ISBN ), published in (with an epilogue added to the paperback edition), is a book by the late David Landes, formerly Emeritus Professor of Economics and former Coolidge Professor of History at Harvard University. In it, Landes elucidates the reasons.
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ETHICAL ISSUES IN THE ROLE OF GOVERNMENT Ethical Issues In The Role Of Government Ethical Issues In The Role Of Government Thesis statement Government agencies need to pay attention, take responsibility for the people they serve and start filling the gap between multimillionaires and the poor.
54 thoughts on “The Poor Will Always Be With You Meaning What?” Linda December 1, at am. I do not think the government forcefully taking money from a person (through taxes) and giving it to another person is considered giving “freely”.