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The Upside Of Income Inequality Summary

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In the story “The Upside of Income Inequality”, Gary S. Becker and Kevin M. Murphy effectively express’s the importance and need for income inequality in our society. Furthermore, Holly Ellyatt’s newspaper article Income Inequality: Is It Good For Everyone? serves to also point out that economic success and greater productivity is linked to “income inequality”. Although it may seem extremely unfair for someone to make up to two hundred and fifty times as much money as someone else, this notion of “income inequality” actually benefits the society as a whole by encouraging others to work much harder in life and better themselves and their education.
For example, the increase of income inequality in the 1980’s greatly increased the education for both women and men and other races such as African Americans. “As the education earnings gap increased, a larger fraction of high school graduates went on to college” ( Becker and Murphy 583). Women’s attendance in college substantially increased from 25% to nearly 65% by 2005. The attendance of men also increased though not quite as much, from 40% in 1980 to nearly 70% in 2005. As income inequality continued to …show more content…

Income inequality acts as a means to “wake people up” and make clear to them their need for higher education and more hard work to obtain more money, and thus, more success. As income inequality increased in China and America, there arose a correlation to the increase among men and women of all races and ethnic backgrounds. Despite the fact that income inequality could cause people to make poor decisions and make them insecure in society, income inequality improves the economic systems in America and other parts of the world by serving as a motivation for people to achieve much greater things in the desires of changing their station in life for a happier

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Economic inequality is the uneven distribution of wealth and differences in economic security found in each individual in a specific country or region. Today, the topic is being discussed profusely by the American presidential candidates and by many writers around the world because of the beliefs of whether there should or should not be wealth redistribution policies put into action. Larry Schwartz, the author of “35 Soul-Crushing Facts about American Income Inequality”, makes a valid claim that economic inequality is the foundation of the problems that the entire American population face such as poverty and a hindrance of economic growth. To begin with, Schwartz has an exceptional argument that the high rate of economic inequality, like is

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Kaitlyn Johnson English, 008 September 29, 2015 Inequality Inequality has been a major problem all over the world. Not just with race or gender, but now ones' income puts them aside from others. and they are catorgarized. Gary S. Becker, a Noble laurete in economics, and Kevin M. Murphy, a professor at the University of Chicago and a recipient of a 2005 MacCrthur "genius" fellowship, believe that a higher education equals higher income. Paul Krugmam, a teacher of economics at Princeton and the city University of New York, uses people who have had an impact on America.

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America, the land of opportunity, but is it really? America is the wealthiest country in the world, but the middle class is contracting due to increasing cost of living and stagnant wages. Inequality for All, narrated by Robert Reich, is a documentary about the skewed distribution of income between the top one percent and the average worker in the United States. This documentary explains what is causing this issue, why this is occurring, and how to fix this issue. Inequality for All, shares many issues that cause the wage gap to increase so drastically.

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Income inequality is still a problem in America, but there are ways to fight against it. Job disadvantages and food drives both prove that income inequality still exists in America. According

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Michael I. Norton wrote the article titled “Unequality: Who Gets What and Why it Matters.” He collaborated several experiments to prove his ideas (Norton 152-155). Michael came to the understanding that inequality, whether from wealth or income, rich or poor, everyone supports the idea of being unequal (Norton 152). The vast majority of Americans believe we all should be unequal, whereas the rich should get more than the poor (Norton 152). They do not believe however that we should be as unequal as we are today (Norton 152).

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Michael I. Norton wrote the article titled “Unequality: Who Gets What and Why it Matters.” Collaborating with several experiments to prove his ideas, Michael came to the understanding that inequality, from whichever ladder of wealth you fall from, almost everyone supports the idea of being unequal (Norton 152). They do not believe however that we should be as unequal as we are today (Norton 151). Correspondingly, he also understands that inequality in its severity; negatively damages clear decision making, ethical and unethical choices, and demote motivation (Norton 151). Michael asked 16 countries what they assume the level of inequality is versus what they believed the right level of inequality should be (Norton 152).

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Income Inequality is the unequal distribution of wealth; it is pertinent to understand how the sample participants come to explain the unequal distribution of wealth in a country that works under the ideology that it is a representative democracy. From the sample group examined, the explanation for income inequality in Canada are the lack of opportunities in post-secondary education and employment. Majority of participants were aware of the wealth disparity in Canada. The ability to gain access to resources such as post-secondary education and money is viewed as a key to upward social mobility. “Getting a job after university is like winning the lottery, it’s so hard to get your foot in the door,” said participant three.

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Paul Krugman, an economics professor at Princeton, writes “Confronting Inequality” chapter 7 in his book. Equality in America is what makes America, what it stands for. Social and economic inequality still is a part of everyday life in America. Education is making parents struggle because they want to give them a good education; but also, health care for those who need it. Middle-class starts to scramble more every day while the high-class gets more prosperous.

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Nowadays, there is a huge gap of income and wealth inequality in the U.S. and that means the richer people are super rich while bottom people are struggling for basic living standard. There are some direct and explicit statistics from Inequality for All graphic package from which we can tell the phenomenon. In 2010, the typical 1% people earn 33 times of typical male workers but in 1978 the ratio is tenth comparing the male workers with the “1%” people. Also, it says “Today, the top 400 richest people have more wealth than the bottom 150 million Americans put together” (Inequality for All). This shows considerable wealth of the U.S. is controlled in the minority people, which is totally unlike the period of 1950s through 1980s.

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Defending the Dream: Why Income Inequality Doesn’t Threaten Opportunity. The Heritage Foundation, 2018, https://www.heritage.org/poverty-and-inequality/report/defending-the-dream-why-income-inequality-doesnt-threaten-opportunity#Part3. Accessed on 14 April

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The problem with the widened wealth gap is that the inequality may harm the quality. Meaning that those in the higher classes see it as you can use the money with no restrictions. However, economist believe that the “relationship between inequality and economic freedom, with the possibility that policies that are meant to reduce inequality will reduce economic freedom, which will then only make inequality worse.”

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Inequality and the American Dream The main claim of this article is about inequality. America’s economy is growing larger but not benefiting the poor and middle class as it is the wealthy. While the rich are getting richer, the middle class are only slightly benefiting while the poor are in a stagnant state.

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Martha Peraza SOC 3340 Inequality in Education California State University, Bakersfield Abstract In the United States, there exists a gap in equality for different demographics of students. The factors contributing to educational disadvantages include socioeconomic struggles, gender of students, language or culture, and particularly for the scope of this paper, race.

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Wealth and Inequality in America Inequality The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United has a large gap between the poor and the rich making it unfair to the population, the rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of American’s who are consuming about a quarter of the United States income in a year.

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