How to increase real wages?
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In the face of increasing income inequality, the options for increasing real wages are discussed in a structured manner in this response. The related reference is also provided.
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Increasing Inequality: What are the options for raising real wages?
Impact of increasing inequality:
There are several effects of increasing inequality. There are lower rates of social goods, higher rates of health and social problems, and lower population-wide satisfaction (1). There is a lower level of happiness, neglect of human capital, and high-end consumption. Increasing inequality leads to higher usage of household debt, higher poverty rates, and lower-income mobility. For example, households depend more on credit for their consumption. The real impact of income inequality is the real threat of financial crisis and political polarization. In the long-run income inequality leads to economic instability, higher debt, and financial crisis (2). Specifically, it means progressively increasing poverty for groups that suffer from income inequality. Income inequality also means higher health care costs, higher incidence of disease, and mortality rates. It also means that there is a lower-income workforce that is less effective. From a different point of view income inequality means lower social mobility, higher levels of mental illness, and more violence. From the perspective of society, income inequality means poor education. Health is also adversely affected because there is lower life expectancy and higher infant mortality.
Options for raising real wages:
First Option:
Government should use ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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