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  • The Growing Gap Between The Rich and The Poor

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    Tifrea Sorina
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    Economic inequality consists of discrepancy in the income and the disribution of wealth. Some of the major factors that affect The Growing gap between the rich and the poor are the globalization, labor markets policy, racism, technological changes, the culture, lack of proper education, taxes reforms, and inequality in wages. One way of reducing the inequality is by providing access to quality and affordable education that can increase the skilled labour force supply.

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    Economic inequality consists of discrepancy in the income and the disribution of wealth. Some of the major factors that affect The Growing gap between the rich and the poor are the globalization, labor markets policy, racism, technological changes, the culture, lack of proper education, taxes reforms, and inequality in wages. One way of reducing the inequality is by providing access to quality and affordable education that can increase the skilled labour force supply.

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    166 views1 page

    The Growing Gap Between The Rich and The Poor

    Uploaded by

    Tifrea Sorina
    Economic inequality consists of discrepancy in the income and the disribution of wealth. Some of the major factors that affect The Growing gap between the rich and the poor are the globalization, labor markets policy, racism, technological changes, the culture, lack of proper education, taxes reforms, and inequality in wages. One way of reducing the inequality is by providing access to quality and affordable education that can increase the skilled labour force supply.

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    The Growing gap between the rich and the poor

    Economic inequality, known as the gap between the rich and the poor or walth
    disparity, consists of discrepancy in the income and the disribution of wealth and
    I think that is one of the major issues in todays world. The term usually refers to
    the inequality between the individuals of a society but it is also used as reference
    for inequality between countries. In this essay I will explore different aspects
    related to this topic.
    Some of the major factors that affect the growing gap between the rich and the
    poor are the globalization, labor markets policy, racism, technological changes,
    the culture, lack of proper education, taxes reforms, and inequality in wages and
    also government facilitated initiatives can decrease or increase the inequality.
    Economists believe that one of the major cause of the growing gap in the modern
    societies is the wage determination. Wages are determined by demand and
    supply so when the supply of labor force is high but demand is low the wages are
    also low.
    Among the countries with the highest gap between the rich and the poor we can
    mention India, South Africa, Singapore, Hong Kong, United States, Australia,
    Greece, China, Italy, Chile, Brazil etc.
    I think that in order to to reduce the gap between the rich and the poor
    governments should take some good measures. One way of reducing the
    inequality is by providing access to quality and affordable education that can
    increase the skilled labour force supply. By increasing the skilled labour force
    the income inequality is reduced because of education differentials.
    Other measures could be the implementation of an progressive tax system, the
    rich should pay higher taxes and the money used to fund programs like better
    education systems and social welfare and subsidies for the poorest people ,
    implementation of policies to reduce the unemployment , raising the minimum
    wage, and providing acces to quality healthcare.
    In conclusion, I think that the trend whereby only the rich become richer and the
    poor become poorer can be reversed by investing in human capital, education
    and proper policies but in order to be effective the measures should be
    implemented as soon as posible because the growing gap in most countries,
    such as United State, China and India, is worsening due to the manner in which
    the resources of the countries are allocated

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