The Importance Of Economic Inequality In America

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How would you explain the finding that people in high-income economies seem hap- pier than people in low-income economies, but, over generations, Americans do not say they are happier even though the nation grew richer? Perpective on life and the quaility of life is why Americans feel less happy, even if the nation is getting richer and richer richer. Law of diminishing marginal utility states, as individuals recieve more and more of a product and/or service, the product/service become worth less and less to the individual. As more and more Americans obtain more and more items, these items bring less happiness which leaves a void inside them. More Americans have an increase in spending money and are able to purchase more items, but now …show more content…

Americans work alot just to maintain lifestyles that they deem is a status of success when really this lifestyle forces them to have to work a full time job that they really dont like. If individuals were comfortable with walking, downsizing their home, and cut dinning out, that indiviudlals could work more and focus on the things they love in life. As a nation gets richer, it doesnt nessacary mean that everyone is getting richer in equal shares. A disproportion of Americans are only getting rich while the middle class is shinking and the lower class is increasing the most. Unequal wealth distribution has left the country in total richer, but the average individual has become poorer and more dependable on government help. The last, but not final reason would be because individuals want to do better than others. As the country gets wealther, so does everyone else. As a item because more accessble and available, everyone is able to get it and it is no longer consider a luxery item. Some people find happiness in being able to do exclusive things or to purchase certain items, which brings happiness to them. As the social critic H. L. Mencken long ago observed, "A wealthy man is one who earns $100 a year more than his wife's sister's

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