Income Inequality

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Income Inequality Income may be defined as money that is earned for work that has been done over a particular period. This period may be a week, a month or even a year depending on what the parties agree. It also includes the different revenues of the stream from wages, interest on savings and dividends from investments. The term encompasses a lot of ways through which a person earns money. Income inequality, on the other hand, is the gap in income that exists in income distribution among the people. A simpler explanation is the difference in income that exists between the highest paid and the lowest paid employee. It is an issue that is facing most developed and even developing nations. The question, therefore, becomes whether it is the responsibility of the society to speak out against and do something to combat the discrepancy in income that exists between the people. The following essay highlights the dangers of income disparity and what can be done to reduce it. The opinions of income inequality differ significantly. Whereas others see it as a norm, others view it as the biggest problem that afflicts an economy. The fact is that for any economy to prosper, the wage gap should be as low as possible. An increase in economic growth allows the government to provide some services that would ordinarily be too expensive. The rise in economic growth also means that the government can collect more tax as the population spends more. There is a corresponding decrease in poverty. Excessive inequality is considered bad for any economy. However, because the discrepancy cannot be eliminated entirely, a considerable difference in wages of different people is okay. Another reason

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