The Upside Of Income Inequality By Gary Becker - 873 Words

Comparative Writing Gary Becker’s and Kevin Murphy’s article, â€Å"The Upside of Income Inequality†, analyzes the positive effects of the income gap, and Paul Krugman’s New York Times column, â€Å"Confronting Inequality†, stresses the negative impact of the income gap; it is apparent by juxtaposing these two texts that income inequality can be effected by economic development, education, and social equality. Gary Becker’s and Kevin Murphy’s â€Å"The Upside of Income Inequality† analyzes the correlation between overall economic development, the importance of education and the effects it has on increasing income inequality. Becker’s and Murphy’s article presents a study taken in China that shows the increase in income inequality raising at similar rates as economic growth. This ultimately leads to a decrease in the amount of people facing poverty and better living conditions for the poor. During China’s rapid rate of economi c development â€Å"inequality rose, [but] the number of Chinese who live in poverty fell from 260 million in 1978 to 42 million in 1998. Despite the widening gap in incomes, rapid economic development dramatically improved the lives of China’s poor† (Becker and Murphy 581). The authors also state that income inequality is in fact a natural result of economic development because it â€Å"raised the standard of living for both the rich and the poor† (Becker and Murphy 582). Education also effects the average earnings of Americans. The importance of receiving an education hasShow MoreRelatedPoverty Inequality : Economic Inequality1509 Words   |  7 PagesCombating Economic Inequality Economic Inequality When you turn on the news nowadays, some of America’s biggest problems are right there flashing across your screen. However, the increasing issue of inequality that our country is facing doesn’t seem to get quite the attention it deserves. 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