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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.
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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Rich vs. Poor: Distributing the World’s Wealth Equally Think about the house that you live in, the neighbors that surround you and the town where you come from.
More importantly, think about the car, clothing, and material things that you possess. Poorer Essay - With the poverty rate at a percent in the Census Bureau, Americans.
Wealth vs. Poverty Essay Wealth vs. Poverty Analytical Essay 1 David Redden BUAD ST 25 CONTEXTS FOR CONTEMPORARY BUSINESS Professor Hermina Reyes January 31, Abstract “ Poverty is the deprivation of common necessities such as food, clothing, shelter and safe drinking water, all of which determine our quality of life.
Wealth vs. Poverty.
or any similar topic specifically for you. some ideas to improving the quality of life: social and individual empathy, lifestyle changes, and government programs.
Wealth vs. Poverety Persistence Poverty dates back to being that of the “natural order”. ESSAY SAMPLE written strictly according to your requirements. Rich vs Poor essaysDo the rich get richer and the poorer get poorer?
In America the land of opportunity there is unlimited ways for an individual to make it big. You may be born into poverty and die wealthy. There is also the possibility of opposite happening to you also.
In America the worst an. Rich Habits Institute Develop the Habits to Create Opportunity Luck, Achieve Consistent Success, and Build Wealth Wealth and Poverty are Caused by Parenting and Habits.