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.
Without a doubt, industrialization was one of the biggest factors in how the United States developed. It gave us the means of mass production, better transportation, and eventually the consumerist society that the United States is today. Industrialization did drastically change American society, but did it change America for the better? Did it do more good than bad? While industrialization did lead to multiple social and economic problems, the advantages significantly outweigh the disadvantages.
During the Gilded Age billionaires like Carnegie, Vanderbilt, and Rockefeller were earning massive profits off of the backs of underpaid labor. Working conditions in the late nineteenth century were terrible and the pay was even worse.Workers would work for 12-hour days in harsh, dangerous conditions with no job security and no safety standards These employees would earn a bare minimum wage of one dollar a day for six days a week. Outraged workers wanted better conditions and better pay, so they formed unions like the Knights of Labor (KoL) and the American Federation of Labor (AFL). These unions fought for eight-hour work days, better conditions, and better pay along with other demands. The Knights of Labor included black and female members, unlike the American Federation of Labor.
Strikes were executed more by the industrial workers, but the farmers did have a few. Strikes were common during the Gilded Age because as industrialization increased, working conditions and labor requirements got worse. The industrial workers were having to work ten to twelve hours, five days a week at the least and not even being paid enough to compensate for their work. Barely scraping by with the amount of work the workers do for their company angered them, and prompted strikes. Some well-known strikes are the Pullman Strike and the Homestead Strike.
This didn’t help the quality of life back in the nineteenth century. While this is all true, the positive factors far outweigh the negative factors. Alternatively, American lives have been affected positively because of the many opportunities architecture and the construction of railroads offered. In fact, many job opportunities also became available in the careers of construction and architecture. From the article of railroads,“Not only did the railways provide greater opportunity through extending markets, they also stimulated more people to start businesses and thereby enter the markets.
Netflix increase its subscriptions by 60%, which made customers furious and the loss over 800,000 subscribers. Customers begin to feel Hastings really was not as connected to their needs as he portrayed. Last, Netflix did not offer any incentive plans to its employees, but instead hard work pays
Aside from an increase on health care expenditures used up by employees because of stress, disengagement is costly because disengaged workers had 37% higher absenteeism, 49% more accidents, and 60% more errors and defects. In organizations with low employee engagement scores, they experienced 18% lower productivity, 16% lower profitability, 37% lower job growth, and 65% lower share price over time. Importantly, businesses with highly engaged employees enjoyed 100% more job applications. Happy people are more satisfied with their jobs and report having greater autonomy in their duties (Boehm & Lyubomirsky,
As more goods were mass produced they required more transportation to sell them and, vice versa, as transportation became cheaper and more common companies were further motivated to increase production. The sudden wave of factories led to an increase in urbanization in which people lived where the jobs were. Without coal to feed these massive factory chains people most likely would have continued to live in small towns and communities rather than clump together for labor purposes. The popularity of coal also marks the dawn of the fossil-fuel era. While it may be a good source of profit and energy, the environment was left to pick up the slack.
Operators were also charged for mistakes at factories (Triangle Fire). This is a social inequality to the social class because while corporations are increasing so is the working citizens hours are increasing. The working class had to work fourteen hours a day with no break and an incredibly low income. The low class were very tired and sore from being stiff in chairs for fourteen hours straight so how can they not make mistakes. They were ashamed on how they were living and being shown in front of the wealthy citizens.
It gave the working class much needed support by giving them more rights than they had before (Doc C). A lot was done to keep the working class from falling into poverty and now was the time when the working men had more rights than ever before. The country’s CPI went up, meaning that Americans were able to buy more. CPI can be used as an economic indicator, it can measure inflation and can be used as an indicator of how good the government policy is. Furthermore, since the CPI went up that meant that the implementation of the New Deal and FDR’s government policy was much improved from their predecessors (Visual 1.3).
Generally, globalism has been attributed to better worldwide communication, advanced technological development, and a higher international standard of living, and rightfully so. However, with all these new worldwide advantages comes a new type of human exploitation. Many companies, specifically American ones, have been quick to take advantage of the cheap and dangerous labor available in most of the undeveloped world. Countries who are working through their period of Industrialization are being siphoned off and used to maintain America’s economy, while their developing country reaps no reward from the low paying, dehumanizing jobs that American companies offer their low class workers. This type of inhumane job outsourcing can only be compared
The shortfall of the debt be reduced about $2 billion over the years. Another way is if there was another reform that would create more than 900,000 jobs. By creating more jobs it would increase the demand on the consumer goods. However by having a reform like this it can help to increase the GDP to about 2 percent by the year 2016. Throughout the years it would help the economy because the more people that would come into the country and trying to start their own business or start working, they would need somewhere to stay, and items to buy for their new lives.