Economic Interequality

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Economic inequality is an important part of today’s economy as the gap between the rich and the poor is constantly changing. In this essay, I will argue that governments should be allowed to intervene in the economy to an extent in which results in everyone earning an income sufficient to provide the basic necssities in life (food, water, shelter, and healthcare). After attaining the minimum income, individuals are entitled to work and earn a salary for their job in addition to the base salary.

The arguments for government intervention can be analyzed from a common goods approach, as the common goods approach defines the good of an individual to be equivalent with the good of the community (Williams). Although communities’ common good can
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The first of which is to provide everyone with a set salary that allows them to gain access to basic survival needs. With everyone earning a base salary, the income gap between the rich and the poor would decrease. With this gap decreasing, many characteristics of a community benefit. These characteristics include life expectancy, violence, and mental health. In a community, each individual strives for a better standard of living which also leads to a higher standard of living for the community itself. The beneficial qualities of lower income inequality contribute to a better standard of living which is the goal of both individuals in the community and the community itself. On the contrary, some may claim that governments have no right to intervene in the economy because people who work hard should be rewarded. With no government intervention, you are free to pursue a path in life that best suits your talents. Also, income inequality can lead to innovation and the creation of new products. Both of these actions, result in rewarding those who deserve…show more content…
We see that violence is more prevalent in countries that have a higher income inequality. Canada’s income inequality is considerably lower than the Unites states. The number of homicides per million people in Canada 15 compared to the United States 150. At the same time, the number of prisoners per 100,000 in Canada is about 130 while being more than three times that in the United States around 400. As previously mentioned, this isn’t only due to more violence, but it is also a result of tougher sentencing. The more unequal the society is, the more likely the death penalty is to be administrated. This increase in safety is just one of many benefits of reducing income inequality. Government intervention is the most effective and efficient way to tackle income inequality.

In conclusion, there are both advantages and disadvantages to economic inequality, but when many of the individuals in the community strive for a better standard of living, the goal of the community becomes to achieve a better standard of living. The goals of individuals match the goals of the community. In order to achieve this goal, governments should use their resources to provide everyone with a minimum salary per year. Individuals can then choose to work and receive pay as additional
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