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Free «Income Inequality Reflects on Economic Growth» Essay Sample

Current statistics show that the top 1 percent owns a bigger part of the overall wealth than the remaining 90 percent do. It causes a great gap between high and middle class. This gap has started to grow since 1930 and recently it has reached enormous size. On the one hand, it leads to the income decline for the middle class and, on the other hand, to the flourishing of the rich households. Moreover, it provokes deep recession in the economy. Some economists claim, that the factors stimulating these processes depend on the policies. Aiming to enhance the economy, they give various tax advantages in the sphere of investments. In addition, the policy of deregulation also makes its contribution to the exacerbation of the problem. Consequently, middle-income households sustain a loss, as they mostly accumulate their wealth in housing. At the same time, higher-income households benefit greatly from their investments at the stock market (Lowrey).

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From my perspective, it is not surprising that so many scholars pay great attention to the issue of income inequality and social disparity. Not only the middle class feels the influence of it, but the whole country does. Such a problem prevents the USA economy from sustainable growth and from development in the long run. I reckon that the country where the most wealth is concentrated in the hands of the privileged class has slim chances for prosperity. Looking at the example set by some Arab states, it becomes obvious to which devastating consequences it may lead.

The issue raised in the article fits the sociological theory of conflict. According to conflict theory, the root of confrontations between classes lies in different views and aspirations. However, the economic factor is crucial in these conflicts. The rich and powerful people want to take the society under their control and refuse to share financial resources with those who are in need. In spite of representing the disadvantage of society, the ongoing disagreement among classes is an impulse for social changes (Crossman).  The issue of income inequality vividly demonstrates the embodiment of social conflicts and the urgent task is to find out how to tolerate them.

   

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