“Why are the poorer getting poorer, and the richer getting richer?”
Various peoples have different forms of opinion on this view that poorer are getting poorer and the richer getting richer day by day. Some people say that it is right to say the rich people are getting richer and the poor people are getting poorer because of the various aforementioned reasons:
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One of the reasons is the income inequality in the economy which means that economic growth in the economy is not evenly distributed among the people.
There are also numerous political reasons which contribute to this statement as to when richer people get richer then they become very powerful through which they are able to lobby in the governments to make the policies in favor of them which can be referred to as a plutocracy.
Money makes money:
One of the reasons people say that it is the money which makes the money for the richer people because of which they get richer and in this way it is in their destiny to be wealthy.
According to my own belief, the above-said statement is not true in today’s perspective as various economic measures such as Gini coefficient which is declining, real median household income which shown the upward trend and the literacy rate among the countries are continuously rising which states that poor people are not getting poorer. In today’s global economy, people after getting an education are engaging them in the various types and forms of businesses which are helping them from getting out of poverty and move towards getting richer gradually. So, the above-said statement is only a poor rhetoric today as these people don’t know the actual information and data from various studies and researches made by famous economists.