Income Inequality

A recent PBS article stated, “The richest 1% of the world’s population now controls 50% of its total wealth.” Often we here messages like that in America, “[1] Income inequality has become a hot-button issue in the last ten years. Meme makers feast off the clever one liners that tap into our emotions.

Americans are fond of feeling bad for others. We feel good about feeling bad but we don’t often think well about why we feel bad and what we should do about it.  First, let’s define what we’re talking about because not all inequalities are equal. There is relative inequality and absolute inequality. Relative inequality compares one person’s wealth with another. This is what most of us complain about. Humans have a nasty habit of wanting what other people have. In fact, we can be quite satisfied with what we have until we see someone with more.

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