Kaitlyn Johnson English, 008 September 29, 2015 Inequality Inequality has been a major problem all over the world. Not just with race or gender, but now ones' income puts them aside from others. and they are catorgarized. Gary S. Becker, a Noble laurete in economics, and Kevin M. Murphy, a professor at the University of Chicago and a recipient of a 2005 MacCrthur "genius" fellowship, believe that a higher education equals higher income. Paul Krugmam, a teacher of economics at Princeton and the city University of New York, uses people who have had an impact on America. They all make decent points towards income inequality, and inequality as a whole. Becker and Murphy believe that if a higher education will give you a higher income, although education after high school is expensive, the returns are worth it. Even though statistics prove that Becker and Murphy's theory is correct, Krugman believes that the living standards are important and shouldne be jepordized, because of an education. Paul Krugman in “Confronting Inequality” attempts to explain how bad inequality is and the things that can bring inequality to high or low levels. He gives reasons of why he and Americans should care about the increase in inequality. …show more content…
Throughout his article, he speaks about education. “The Upside of Income Inequality” makes two basic points to support the conclusion noted in the title of the article. First, the correlations between educationa and income; that the value of a college education has risen as income inequality has risen. And second, that therefore the rate of Americans who attend college has increased. The article provides multiple graphs that correlate different principles with education and income. The main point they make is higher education equals higher income. Becker and Murphy point out the difficulties in paying for college, but they look at the returns being worthy
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The rich are able to run an economy on their own, as they do not need a government to support them or hold their hand like the poor do. This leaves the lower class almost lost in a society as rich are able to succeed in life, as the poor struggle to find a job to bring home food. Krugman also states that rich are more likely to go to college and graduate, compared to the poor. This prompts the middle class to buy a house in a good school district, even if it is out of their price range. At the time, Krugman says that health care and repealing the Bush tax cuts would allow the United States to, “use the revenue to pay for more benefits that help lower-and middle-income families.”
Paul Krugman author of the article “Confronting Inequality” stresses the inequality of our social classes in the United States, he uses statistics to demonstrate the staggering consequences of this inequality within our social classes. Krugman emphasizes the fact that a majority of our wealth is owned by about one percent of the population, which is leaving the middle and lower class at an extreme disadvantage. One example Krugman uses is education; children that have wealthy families, have a higher percentage of finishing college than those of lower income families, proving the statement that Krugman was accentuating, “Class-inherited class- usually trumps talent.” The parents within this middle to lower class have been exceed their financial
Economic inequality is the uneven distribution of wealth and differences in economic security found in each individual in a specific country or region. Today, the topic is being discussed profusely by the American presidential candidates and by many writers around the world because of the beliefs of whether there should or should not be wealth redistribution policies put into action. Larry Schwartz, the author of “35 Soul-Crushing Facts about American Income Inequality”, makes a valid claim that economic inequality is the foundation of the problems that the entire American population face such as poverty and a hindrance of economic growth. To begin with, Schwartz has an exceptional argument that the high rate of economic inequality, like is
Attending college is an important life choice everyone should make. Stephanie Owen and Isabel Sawhill, the authors of Should Everyone Go to College?, explore that “…the median earnings of about $30,000 for 25-34-year old high school graduates working full-time in 2010, this implies that a year in college increases earnings by $3,000, and four years increases them by $12,000” (They Say/I Say pg.209/para. 3). In the Owen and Sawhill article they provide information on the difference in a person’s salary with a high school diploma compared to a person’s salary with a one year certificate and a bachelor’s degree. Owen and Sawhill continues on to state that, “there are many non-monetary benefits of schooling that are harder to measure but no less important” (They Say/I Say pg.210/para.3). The authors used information gathered from research reports that they conducted to determine salary and/or wage earnings for an individual who attends one year of college versus four years of college.
In “The upside of income inequality” – Becker and Murphy, they mention the demand for education and skilled people is growing. The proportion of people going to a higher education is found among all racial and ethnic group (pg.585). As of figure 4 graph, the proportion of men and women ages 20 to 25 who are attending college has risen about half in a 40 year of tracking. They stress the important of education for all types of people that with higher level of education there is more opportunity. Therefore, in article “American remains the world’s beacon of Success” – Tim Roemer.
There is many people that go to college, but because of the cost they don't get through college. The elevated costs of college cause not only students to struggle paying for college, but also to struggle financially paying for college when they are done. In many cases, after graduating, young adults who don’t find a job will become poorer, increasing the gap between the rich and the
The authors gathered research from the Hamilton Project and also created graphs to provide the reader with the facts and statistics they need to make their own decision whether they should go to college or not. When the provided data is considered, it’s hard to see why someone wouldn’t choose to attend college and earn a degree. The authors were successful in achieving the goal of getting their point across by simply stating hard undisputed facts on earnings which is why this is a good example of logos in the authors’
Income Inequality Income Inequality or “wage gap” is a big topic for freedom fighters and liberals for the simple fact that it isn’t equal for everyone. Because the wage gap is so prominent it's one of the biggest “facts” that discrimination is still apart of everyday American society. The wage gap from these radical interest groups think the economy is get a dollar take a dollar instead of a free flow economy. This misguided idea of the economy is absolutely not true and isn’t at the fault of the Government, but the people.
Living where we live, you begin to comprehend that living off of $11.00 per hour including with your family will never suffice your needs. Getting a college degree can ensure the graduate a higher chance of being able to earn more financially. In the article “Why College Isn't And Shouldn't Have to be For Everyone” by Robert Reich, he states that “A degree from a prestigious university can open doors to elite business schools and law schools-and to jobs paying hundreds of thousands, if not millions. ”Even though Reich’s article is on the opposing side of the argument, he fails to overlook the fact that in the long run having a college degree will, and can open doors to many new opportunities. One of those opportunities is to be able get a well paying job that can earn more than the average non college graduate.
The fact that not everyone needs to go to college is the main point that Stephanie Owen and Isabel Sawhill write about in great detail throughout their essay. Even though the authors do say that people that go to college usually earn more, they state that this is on “average,” and that the key focus of their essay is to focus on those that the benefits are not greater than the cost of going to college. (Page 211, Paragraph 1). They also include a graph right under the text that shows how “on average” people with a college degree earn more than those that are just high school graduates. (Page 211, Figure one).
Income inequality has affected Americans in many different ways. Americans are faced with making decisions that will determine how they will earn enough money to take care of their families as well as send their children to college and invest for retirement. In fact, many Americans have even lost their homes due to the change in their incomes. Regrettably, the American people cannot achieve what they once thought would be achievable. Income equality occurs when there is an uneven distribution of income and wealth between the social classes of American citizens.
makes more than the average person without a B.A., getting a B.A. is still going to be the wrong economic decision for many high-school graduates” (209). Although I agree with Murray on a few examples, I cannot accept his overall conclusion that he made his opinion on the basis that much of high-schoolers should not attempt to aim to get a college degree due to being intellectually or fiscally incapable of getting one. Moreover, I believe that high schoolers should be encouraged to go beyond what they think is capable as it is often worth the effort reap the financial benefits of a college degree. Murray maintains, “The increase in wealth in American society has increased the demand for all sorts of craftsmanship” (247).
Wealth and Inequality in America Inequality The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United has a large gap between the poor and the rich making it unfair to the population, the rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of American’s who are consuming about a quarter of the United States income in a year.
The problem with the widened wealth gap is that the inequality may harm the quality. Meaning that those in the higher classes see it as you can use the money with no restrictions. However, economist believe that the “relationship between inequality and economic freedom, with the possibility that policies that are meant to reduce inequality will reduce economic freedom, which will then only make inequality worse.”
Title Economic inequality was created. Lots of factors lead to the long-standing social inequality, such as gender, ethnicity, age, level of education and so on. How would people split up income between the top ten percent and the rest if it were up to them? It depends on which group they belong to. They strive for more benefit for themselves.