Wealth inequality is the gap that exists between rich people and poor people because the inequality of assets that people own in America. Wealth inequality will always exist in the society. Wealth means what a person owns like land, properties, and money without considering the debts. Some societies have a bigger gap of wealth than others. Maybe sometime in the paleolithic era there was not wealth inequality, because they had a nomad style of live and they only hunted and recollected their food. In this period of time, the concept of private property did not exist and everybody share the goods. Since the beginning of human civilization wealth inequality exist; kings were the owners of everything while the slaves did not own anything. With the past of the years the gap between the wealthy people and the poor people suffered changes like the great depression of 1930 and the last recession of 2007. The wealthy gap will always exist; however, the ideal gap must be as fair as possible.
Smith, Adam. 1976. An Inquiery into the Nature and Causes of the Wealth of Nations.
The poor gets poorer, and the rich gets richer. Economically speaking, this is the truth about Capitalism. Numerous people agree that this inequality shows the greedy nature of humankind. The author of the source displays a capitalist perspective that encompasses an individualist approach towards an “un-ideal” economic system. The source articulates a prominent idea that capitalism is far from perfect. The reality is, as long as capitalism exists, there are always those people who are too poor or too rich in the system. We do not need elitists in our society but that is exactly what capitalists are. In this society, people are in clash with those who “have” and those who “have not”, which creates conflict and competition. Throughout
Knowing the way in which the wage-earning gap affects people is critical to understanding the necessity for the need of change. As the rich grows richer, the poor become poorer in contrast. The “Founding Fathers” of the United States agreed that the socioeconomic inequality threatens the effectiveness of any democracy. Ben Franklin said, "No man ought to own more property than needed for his livelihood." James Madison noted "the unequal and various distribution of property" to be the chief cause of social disorder. ...
Who does not wish to be rich? The first thing that might come to mind when thinking about having a lot of money is owning luxurious cars, living in a prodigious residency, having expensive items to wear, or anything of that nature. A rich person has the ability to buy anything to please his or her desires, and he or she can visit any place at any time without having to think about it twice. Many people perceive that happiness comes within how much money they have. People confuse being wealthy with being happy. Wealth does not necessarily bring happiness; however, it is obvious that it can help to bring happiness for some and sorrow for others.
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the “father of economics.”
Adam Smith was a philosopher whose political philosophies was based off of economics. He believed to some extent that there should be a redistribution of wealth, but at the same time there should be a limit to government interference in economy. He wanted the state to end politics that favor industry over agriculture or vice versa, and that business should be left to the business people. He also believed that the government cannot make people virtuous with laws, and that the state should not promote religion or
Adam Smith was a man of many achievements. As a Scottish philosopher and political economist he became famous by his classical and influential books. In 1759 he wrote a book called “The Theory of Mortal Sentiments”and in 1775 he wrote another called “An Inquiry to the Nature and Causes of the Wealth of Nations”. Known as the “father of modern economics” Adam Smith has greatly influenced society. Adam Smith’s history impacted the way that our society is today. Adam’s childhood, environment, education and events throughout his life contributed to the way that we view society. With Adam’s theories and great works he molded a pathway to different stand points on the public and its society. Among his great works are the wealth of nations and inquiry to the nature and causes of the wealth of nations alongside the theory Adam named the invisible hand. Adam also thought about the public from an economic and political stand point. Due to factors that influenced Adam’s early life, he was able to learn from those before him to become the great economist, politician, and philosopher that he was. This way, even though Adam Smith lived during the time of the scientific revolution his words of wisdom in politics and the economy are still used today in the public.
In the Humanistic Tradition the author, Gloria Fiero introduces Adam smith as a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith also known as the Father of Political economy, is best known for one of his two classic works An Inquiry into the nature and causes of the Wealth of Nations. Fiero looks at Smith’s work because the division of labor is important. One thing Smith thinks is even more important for creating a wealthy nation, is to interact and have open trade with different countries. Fiero states,“It is necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter,
Managerial Economist awareness of consequences of Wealth Inequality across different states in U.S., across Canada, and across World