It is believed that assuring the small distance between the income of richest and the poorest individuals is the best solution to create a greater society. Personally, I partially agree with this thinking due to some reasons that are provided in this essay.
On the one hand, there are some benefits of maintaining the minimum contrast in earning between the world’s richest and the poorest. Firstly, the smaller gap of income between individuals in the top and individuals in the bottom will help reduce inequality and develop an equitable society effectively. This is because the division between social classes with minimum difference in earning in opposite groups of people ensures that wealth is distributed across the population more evenly. It leads to the fact that people in low-income groups will easily access essential resources such as education, health or house effectively, which make people more satisfied with their life. Secondly, when the distance of income is minimum, the poorest people can have opportunities to improve their life and develop their potential, which creates the motive for promoting society. In various countries such as Swithland, for example, have the social regulation to maintain relatively small income gaps while also implementing strong social welfare policies that protect the disadvantaged and ensure a high standard of living for all. As a result, the disadvantaged groups can get a better life, which helps contribute to social happiness.
However, I believe this is not the best method and these are better solutions to increasing a happier society. The first reason is that limiting the difference of income in social classes can slow down economic growth and innovation in society. This is because individuals may lack the incentive to take risks or strive for excellence if the rewards are not significantly greater than average earnings. Therefore, people, especially the richest person, will reduce motivation to work, which leads to a less dynamic economy. Another reason is that happiness is not solely income and other factors such as strong social connections, good health, and a sense of purpose, often play a more significant role in determining life satisfaction. For example, Finland’s government is investing a lot of financial resources to construct healthcare, education, and social safety nets for residents, which make this country become the happiest country in the world.
In conclusion, while I acknowledge the effectiveness of small differences in earning of society classes, I believe that there are more effective methods to create a happier society.