Social Inequality

In the current economic system, inequality is one of the hottest potatoes. Big wealth generates bigger wealth, so the gap between two groups under different economic statuses (rich and poor) is enlarged. Moreover, the recent quantitative easing due to Covid crisis deteriorates this issue.

Here’s one point of view that riches become rich because their talents fit the needs of their society. For example, hundreds of years ago, job profiles in society were not dramatically different, which means anyone can be trained to be (most of) any job. However, in the current society, those who entertain people will get enormous returns. Therefore, fund managers, sports stars, youtubers, and doctors earn much more than that 20% on the bottom.

The inequality of wealth/power/anything is inevitable, but the equality of opportunity to change their social/economical status has to be protected. Systemical support to leap from the poor status is the provision of education which markets need. In statistics, there always have to be the bottom 20% in wealth, but their life standards of them should keep improving, as it has been better.

In short, economical equality between the top 20% and the bottom 20% is not what we have to seek for. the equality of opportunity for the bottom 20% and (as a result) better life standard of them over time are the problem we have to solve.