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The linked article from The Atlantic magazine presents statistics presents statistics documenting the current extent of wealth a - Essay Example
Author : van48
Pages 4 (1004 words)
Name: College: Course: Tutor: Date: Benefits of Equal Distribution of Wealth and Income in the United States Income and wealth inequality in the United States and the rest of the world has been increasing steadily in the last four decades. This dramatic increase coupled with the fact that Americans have become more aware of this huge disparity, has made this issue one of the most highly debated in the United States…
Economists, through the media, have been enumerating the benefits of income and wealth inequality in terms of economic efficiency. Most of them assert that the current levels of disparity are just right to spur innovation of new technologies, maintain high levels of productivity among citizens, and increase competition among citizens and workers. However, this has not affected the views of most Americans regarding what they think are ideal levels of income and wealth inequality (Ariely, theatlantic.com). John Rawls’ definition of social inequality is based on the notion that people know everything about the society’s wealth distribution, and are willing to enter the spectrum at any level. Rawls refers to this notion as the ‘veil of ignorance’ because people’s decisions are disconnected from the level of wealth they will attain after making the decision. As a result, their view of the ideal level of income and wealth distribution reflects a level of equality higher than that of any state in the world, with little disparity between the highest and the lowest levels of income and wealth (Ariely, theatlantic.com). ...