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Income Inequality: Large Disparity Of Wealth

Decent Essays
We will begin with the topic of income inequality. My understanding of income inequality is that it is a large disparity of wealth between those who are rich and those who are impoverished. It can be thought of as an uneven concentration of money towards the top. If money is considered a resource, then a large concentration of money in one place is inefficient. Large amounts of money could be better used to promote social welfare if it is being put to work, rather than being saved in a bank account for several decades at a time. This idea ties into the Paradox of Thrift. It may be beneficial for an individual to store their wealth in a bank for future heirs, but it is not economically the best option.
When addressing this topic, I will try
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