Income Inequality Essay

Income inequality not only harms us fiscally, but also affects our mental and physical wellbeing; therefore, it is important to identify the right ways to control wealth distribution among people.History Income inequality in the United States has increased and decreased throughout history, but in the recent years, the widening gap has become a serious issue. has lost 20% of its factory, traditionally higher-paying union jobs since 2000.Inventors of new technology are the first to benefit from that new technology.

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Thus, their marginal revenue has increased, and the price the firm will be willing to pay, in salary, will also increase.

These traders’ incomes therefore increase with the addition of technology.

Technological growth also contributes to income inequality.

Due to technological progress a lot of factory workers lost their jobs but those who got trained in technology was able to get higher paying jobs.

Income inequality is usually measured by Gini coefficient. companies have to compete with lower-priced Chinese and Indian companies who pay less to their workers. In addition to that, service occupations have increased, but workers get paid less.

According to this method coefficient varies between 0 and 100; while 0 represents complete equality (income is distributed equally among all the population of the country), 100 represents complete inequality (only one person receives all the country’s income, while the rest of the population receives nothing). During the 1990s, companies went public to gain more funds to invest on growth.In order to satisfy stockholders, managers are forced to increase profits.Payroll led to less full-time employees and more contract or temporary employees.The first-place winner, Solomon Polansky of the Blake School in Minneapolis, received an additional 0 and was offered a paid summer internship at the Minneapolis Fed. productive output has soared while the number of labor hours has remained constant.The Luddites’ concerns are not without merit and remain relevant today in the United States. Ongoing technological advances enable these productive strides, but also drive increasing income inequality by spawning two very distinct groups of winners and losers: those who benefit from technology, such as inventors of technology and workers whose productivity is enhanced by technological advance, and those who are negatively impacted through substitution of labor by technology.Note that this unequal distribution of income is not necessarily a bad thing for the economy—in fact, the U. government openly supports new innovation by offering patents through the Patent and Trademark Office, thereby granting a (time-limited) legal monopoly (and the monopoly profits that follow). While the number of manufacturing jobs has decreased from 1990 to 2013, the number of food and restaurant service workers has increased from 6545.3 to 10487.1 (in thousands) during that same time period. But once an inventor earns these large incomes, the wealth inequality over others is unlikely to dissolve easily. “Manufacturing Globalization: The Real Sources of U. Inequality and Unemployment.” Council on Foreign Relations. foreignaffairs.org/articles/north-america/2011-11-01/manufacturing-globalization 16 See Rotman. It also increases the productivity (and therefore, income) of those whose “jobs are enhanced by machines”; these groups are the “winners.” However, technology eliminates the jobs of less-skilled (already lower-paid) workers by providing a more productive, albeit less “human,” alternative and forcing workers into lower-paying service jobs; these workers are the “losers.” There is a clear schism widening between those benefiting and those being harmed by technology, and it is reflected in increasing income inequality. Ned Ludd was right to be concerned, and there is no easy answer to closing the gap. This spring the Minneapolis Fed held its 27th Annual Student Essay Contest, which is open to all high school students in the Ninth Federal Reserve District.The contest drew 269 essays from schools throughout the district. Other top essays can be found at under the Student Resources section of the Community & Education tab. The third-place winner received an additional 0, and the second-place winner an additional 0.

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