In our world, every person gets paid in different ways for providing a service. The most common system of rewarding a person is simply giving them money. The amount of money a person receives depends on the service they provide. In the modern world, the free market economy has taken over. The stock market has helped make many people billionaires. There is no limit to how much a person can earn or lose in the free market.
Wealth inequality is one of the most hotly debated topics in the world. Some people are advocating for high wealth takes against these people. These people defend that the billionaires have way too much money and that the money could help the poor. Some people argue that convincing these people to invent more would help the economy.
Restricting the wealth of people could be a tricky situation. The primary reason people work and create companies is to gain wealth. If the primary motivation behind this is restricted, fewer people would work harder and harder. The entire reason people study and work is for money. The government intervening in the distribution of wealth would create such problems. However, the rich having too much wealth also creates social problems.
However, the wealth gap between the rich and the poor has been exponentially growing. While people who work hard should be compensated, the wealth has increased too much. Workers have been displaced from their homes and can barely afford necessities. Even in the developed world, people are living in poor conditions. Taxing the top earners in a country could be a solution for the government to provide for the poor. Introducing a tax like this would slow down economic growth. A developing country would have problems introducing a tax like this because it would hinder their progress. Developed countries would be better suited to tax the rich.
In conclusion, I believe workers are suffering too much from inequality in today’s world. While entrepreneurs are very important for the economic growth of a nation, a developed country should provide for all of its citizens. These days, rich people are sitting on their wealth without providing services for their countries. The government could draft legislation to target people who sit on wealth. The prosperity of working people would increase if the rich are taxed. Growth would not be completely affected in this situation because the people who would be taxed would be people who are sitting on wealth.