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Summary Of The Upside Of Inequality

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In the article “The Upside Of Inequality” by Gary Becker and Kevin Murphy shows how the income inequality between America and China has a “teeter tottering affect” , noting that “the same time that inequality in the United States rose, the number of Chinese who live in poverty fell—from 260 million in 1978 to 42 million in 1998.” But as the example of China or even India, for that matter; illustrates that the rise in inequality does not occur in a vacuum. Despite the widening gap in incomes, economic development dramatically improved the lives of China’s poor. In the United States, the rise in inequality accompanied a rise in the payoff to education and other skills, Becker and Murphy shows further concerns about how congress will handle the