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Is Income Inequality Really A Problem. This article reviews the arguments for and against this position highlighting the effects of economic inequality on economic growth and efficiency politics and democracy individual behaviors that result in poor health. One problem with valuing inequality for its own right is known as the leveling down objection¹ One way to make everything more equal would be to just destroy the wealth of the very richest people and make everyone poor. Boudreaux is a professor of economics at George Mason University and he argues that while income inequality may have grown it ignores the fact that over the past 30-40 years the standard of living has improved drastically for just about everyone. Great disparities of income and wealth of the kind we see in the United States today can.
This last proposition raises the question of whether there is anything about inequality in itself that is problematic independently of the fact that those at the lower end of the income distribution. Income inequality of the kind the United States is producing is what one finds in highly stratified class-based systems or banana republics. With Democrats back in charge of Congress it is not surprising that we are seeing a revival of interest in the issue of income inequality. As of 2017 t he three richest individuals in that country Jeff Bezos Warren Buffet and Bill Gates own ed more wealth than the poorest half of the American population combinedthats some 160 million people. Income inequality has decimated the middle class. If the problem we care about is poverty then the calls to tax the rich and reduce income inequality are misguided.
Instead we should be cheering for policies that lead to higher economic growth.
If the problem we care about is poverty then the calls to tax the rich and reduce income inequality are misguided. With Democrats back in charge of Congress it is not surprising that we are seeing a revival of interest in the issue of income inequality. For example the wealthiest may be able to exert a disproportionate share of political influence and to shape society in conformity with their. Instead we should be cheering for policies that lead to higher economic growth. Economic inequality are misplaced seeing poverty as the real problem Watson2015Frankfurt2015. If the problem we care about is poverty then the calls to tax the rich and reduce income inequality are misguided.