Assignment 7 : Social And Economic Inequality

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Assignment 7: Social and Economic Inequality For this assignment, I will be integrating the readings on inequality and applying them to the themes that have provided the framework for our course. I will first offer my explanation as to why it is important to understand social and economic inequality. Then, I will explain and highlight the importance of the relationship between increasing inequality and social and economic mobility. Third, I will relate the persistence of inequality in our economic system discussed by Carruthers and Babb in Chapter 6 of Economy/Society to the concepts of embeddedness and “what markets can and cannot do” discussed at the start of the course. Last, I will offer my opinion on the policy prescriptions in The Missing Class. I believe that it is incredibly important to understand social and economic inequality. As Carruthers and Babb explain in Economy/Society, many arguments exist today for the presence of inequality as it relates to economic efficiency — “without extremes of economic well-being, people wouldn’t have a good enough reason to work” (p. 129). Through being well-informed on the pernicious effects of living on this extreme pole of economic well-being, we have the power to make an informed decision as to whether a system that produces economic and social inequality is one we want to advocate for or oppose. For example, Carruthers and Babb cite a study in which researchers found that “economic inequality [made] people work less rather
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