Wealth Inequality Pros And Cons Essay

Wealth, poverty, and social class have been displayed into all parts of the world today. Economist Branko Milanovic’s The Haves and the Have-Nots offers three types of inequalities— differences among individuals in a community, income between countries, and among all individuals of the world. The author talks about income and wealth inequality that exists in several different ways in our daily life through short vignettes and essays, with strong evidence from history and today, in order to reason his main point. I agree with the author that the differences in income and wealth is important and is vital to our lives.
Over the years, social classes have developed. Milanovic offers an historical evidence that the social classes are split into workers, capitalists, and landlords in the 19th century under a capitalist country. These classes play an important role in determining the future of the society. In an economy, the rich provide the feeding and the poor saves investment in order to keep a healthy economy running. He, then, reasons that there is good and bad inequality. For good inequalities, it offers incentives for people to work harder. The negative side is that the economy does not excel. For instance, the rich …show more content…
As I have travelled to different parts of the world, I am able to understand the author’s main point in several ways. In Hong Kong, there are income differences as the cost of living is slightly lower than that of, America’s. Travelling to different countries displays the difference in inequality compared to in an individual’s country. The author points out that there is good and bad inequality. In terms of good, it encourages individuals to work harder. I definitely can relate to this situation as I know I need to maintain in the middle class. I do my best to study hard and earn a degree to get a better job. People work hard for themselves, but it also is beneficial to the