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Inequality, Too Much of a Good Thing

Inequality, Too Much of a Good Thing - society just as too...

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Inequality, Too Much of a Good Thing On the negative side, difference in rewards that are unrelated to productivity—those that result from racial discrimination, for example—are corrosive to civil society and cause resources to be misallocated. Income inequality is problematic in a democratice society if those who are privildeged use their economic muscle to curry facor in the political arean and thereby secure monopoly rents or other advantages. Poverty and income inequality create negative externalities. o Consequently, it can be in the interest of the wealthy as well as the poor to raise the incomes of the poor, especially by using education and training as a means of production Societies must strike a balance between the beneficial incentive effects of inequality and the harmful welfare-decreasing effects of inequality. Inequality can be harmful in any
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Unformatted text preview: society,, just as too much equality can suppress innovation and drive…. • Using education and training as part of an overall strategy to reduce income inequality in America. • I would argue that religious beliefs proved as strong (or weak) a justification ofor view toward society’s implicit welfare function as do philosophical reflections behind a veil of ignorance. • If wide disparities in come or education create negative externalities for a majority of people then it clearly is in the self-interest of member of society to reduce those disparities. o Externalites include educating ppl about the importance of participation in democracy. o Needing to devote more time and resources to crime prevention and incarceration to reducing inequality • We should start to value partial achievement for others....
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