Since the financial crisis of 2008, the gap of income disparity between the rich and the poor has been exacerbated. Yet, many Americans have a very little understanding of how concentrated the wealth distribution is. Professor G. William Domhoff writes in his book, Who Rules America, that “ most Americans (high income or low income, female or male, young or old, Republican or Democrat) have no idea just how concentrated the wealth distribution actually is.” (Domhoff) His argument is that people in general lack understanding of how wealth is distributed in society. According to a study, its 5,522 respondents answered that “the American wealth distribution would resemble one in which the top 20% owns about 60% of the wealth.” (Norton and Ariely, 4) However, the statistics show that the top 20% has about 85% of the wealth. (4) This supports my argument that people have a little knowledge of how polarized the distribution wealth is. The growing gap of wealth distribution between the rich and the poor hurt growth of economy. America is built on the idea of being a society where people can succeed by hard work. However, this idea called, “the American Dream” dissipates as the income disparity grows. Social mobility is a significant factor that measures the state of economy. On the one hand, the proof of high social mobility motivates workers to work harder to climb up the social ladder. On the other hand, Jamshid Damooei’s study asserts that “Americans raised at the bottom and
production, and therefore profits, of an organisation. As a result, organisations are willing to pay greater salaries to such roles. This creates a distribution gap in income, which widens the income inequality. In addition to this, qualifications and training are investments in 'human capital', in which the individual will postpone immediate income, and endure education/ training, in the hope of higher earnings – for example, one study by Gosling found that 30% of disparities in hourly make wages are explained…
Study: Does income inequality get under the skin? A multilevel analysis of depression, anxiety and mental disorders in São Paulo, Brazil
-Methods We analysed a sample of 3542 individuals aged 18 years and older selected
-living in areas with medium and high-income inequality was statistically associated with increased risk of depression, relative to low-inequality areas. The same was not true for anxiety
-Conclusions In general, our findings were consistent with the income inequality theory, that…
Income inequality is the concept that workers in specific fields make less money compared to their counterparts in other fields, relative to what workers in those fields were earning in the past. Higher income families have seen a larger increase in their financial gain, and low income families have experienced a much less significant gain in the same period of time. Raising the minimum wage from the current $7.25 to $10.10 would help alleviate the financial burden on families that are currently…
system of economies in most countries income variations are common between citizens of the same country. At each point in time some, individuals earn relatively less compared to others who earn relatively more in the same economy, and this result to the inequality in the distribution of national income and national wealth. There are various reasons for the existence of these variations and the negative impacts of the same. This paper tries to explain income distribution in Australia over the past…
nineteenth century, a revolution in steam engine and manufacture technology ushered in concerns about income inequality as business men like Pullman took advantage of advancements and growth to amass large fortunes. The United States government, who’s influence was also undergoing expansion, for the first time, began to take serious measures to redistribute wealth. Policies like the progressive income tax were put in place. Over time more policies were enacted to lessen the gap. Programs like the…
Workers Get Smaller Slice of Bigger Pie
The topic covered in this article is globalization. The article talks about how many workers in Canada are in fear that globalization is a threat to their incomes and jobs. The latest to recognize this fear is the International Monetary Fund. The IMF believes that globalization and technological change have increased the size of the economic pie. This means that without globalization, our economy would not be as big as it is. To…
Inequality and Growth
and Social Affairs
Does income inequality hurt economic growth?
Widespread increases in income inequality have raised concerns about their potential impact on
our societies and economies. New OECD research shows that when income inequality rises,
economic growth falls. One reason is that poorer members of society are less able to invest in
their education. Tackling inequality can make our societies fairer and our economies…
Another Inquiry on the Economic Welfare and Poverty in China
The trade-off between economic growth and redistribution has become one of the major notes concerning the emerging economies of post-Cold War world. Adding to this struggle the urge to integrate into the international system while keeping the balances right at home has been another macro-level concern. In conjunction such liabilities not only necessitates the examination of fiscal and structural reforms but also the international trends…
A doctrine that one race is superior.
Actions that cause better-qualified White men to be passed over for women and minority men.
Complete the following using the MySocLab Social Explorer Map: Income Inequality by Race located on your student website:
Select 1 racial group from the list below:
Write a 250- to 350-word summary of the economic, social, and…
believe it” – George Carlin
The level of inequality in the United States is primarily dictated by public policy. That is the conclusion drawn and substantiated by Paul Pierson and Jacob Hacker in ‘Winner Take All Politics: How Washington Made the Rich Richer—and Turned Its Back on the Middle Class’.
The authors frame inequality as a mystery. They set out to debunk the myths of how inequality occurs, how the fabled 1% obtained and maintained their explosion of income at the top and why a college degree…