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The linked article from The Atlantic magazine presents statistics presents statistics documenting the current extent of wealth a - Essay Example

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The linked article from The Atlantic magazine presents statistics presents statistics documenting the current extent of wealth a

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). ...
Extensive media coverage of the issue of wealth and income disparity increases people’s awareness of the existence of this massive inequality, especially those at the low end of the wealth distribution spectrum. This massive exposure naturally stirs their materialistic tendencies, which translates to a great desire to attain wealth levels equal to those of citizens at the high end of the spectrum. Ultimately, this desire becomes too strong to be restrained among members of the society with a low threshold for maintaining social norms and desirable values. When this critical barrier breaks down, these people will do almost anything to acquire the level of wealth they desire immensely, and they end up getting involved in various illegal and immoral means of earning large amounts of income with as little productive effort as possible. The ultimate result is a high level of muggings, robberies, prostitution, corruption and numerous other social vices and illegal activities. Therefore, reduction of the inequality of wealth and income distribution between the rich and the poor will benefit the society tremendously. Both the rich and the poor will reap benefits from this reduction because both groups experience the effects of these social evils and crimes. The poor are vulnerable because they lack the resources to ensure their security, whereas wealthier individuals are vulnerable because they are mostly the target of perpetrators of these social crimes and evils. Although the rich have the resources necessary for ensuring their security within the society, the fact that they are mostly the target group in these acts makes them just as vulnerable to crime as individuals at the low end of the wealth distribution spectrum. ...Show more

Summary

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…
Author : van48
The linked article from The Atlantic magazine presents statistics presents statistics documenting the current extent of wealth a essay example
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