Many people argue that the decrease in the income gap between the wealthiest and poorest citizens is an effective way to improve social well-being. While money plays a vital role in enhancing people’s quality of life, other elements are also influential in creating a happier society.
On the one hand, narrowing the income gap may tackle social injustice and make society more stable, which may take satisfaction from numerous individuals. The initial explanation is that the income inequality is too large, which causes the poor to lose faith in life and feel like they are turning their backs on the public. For example, in some nations such as Saudi Arabia, Qatar are distributing money to the people in various forms to diminish inequality and to create a happier society. Additionally, reducing income inequality may also lower the crime rate, as individuals facing less financial hardship are less likely to engage in illegal activities.
For example, when low-income workers receive better wages, they can afford basic goods without financial stress.
On the other hand, I believe that higher salaries may encourage individuals to work more productively because a competitive environment allows them to compete harsher to receive a suitable income. If earnings were made too equal, people might lose motivation, which could slow down innovation and affect the economy negatively. Furthermore, a happy society is not created solely by money, it depends on various factors. For example, despite earning high salaries, some people suffer from stress and social isolation due to long working hours.
In conclusion, although reducing the income gap can help improve social happiness, it is not the only factor in creating a greater social well-being.