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Implications of income inequality. Does or should inequality matter Why or why not - Essay Example

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Economists argue that redistributing the income from the rich to the poor could hurt the economy. There will be costs involved in this redistribution of wealthy. Trying to reduce the gap will have a negative impact on the…
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Implications of income inequality. Does or should inequality matter Why or why not
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Implications of income inequality. Does or should inequality matter Why or why not

Download file to see previous pages... The government will get enough funds to run its operations (Chambers, 2008, p. 98).
Countries that support inequality experience political stability. Those who do not support this face welfare crisis (Hanushek, 2006). The governments will pay heavy for creating a monetary union without political unions. Thus, it creates instability. It is very hard to have equality of opportunity (Navarro, 2007, p. 100).
There will be economic efficiency in the presence of inequality. The poor in society will have an incentive to work hard. Because of the need to be high earners. In an unequal society, there are limited resources. The government will be able to gain resources from the taxes garnered from the rich (Harmon, 2009, p. 19).
There is no social justice in equality. The poor will access low standards of living and do not receive social amenities like healthcare. Those with great wealth provide to their people and take the opportunities meant for the little wealthy. Thus, the cause of injustice (Arrow, 1996, p. 12).
Some economists believe degree of inequalities is necessary for working of free markets. In a free market, income inequality will be a fact. There is no equal income and the rich will have their say in the markets. The governments of various countries fail in putting up an equal opportunity for all (Barbanel, 2013, p. ...Download file to see next pagesRead More
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