Thursday, March 22, 2012
News Article: Measuring Class Inequalities
Interesting article that discusses how some of aspects of the class system are affecting India (traditionally a caste system) and also talks about measuring inequalities. Note how the US has greater inequalities than most other industrialized nations.http://india.blogs.nytimes.com/2012/03/12/the-great-gatsby-comes-to-india/?scp=5&sq=social%20inequalities&st=cse
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India is being moved onto the "Great Gatsby Curve" based upon inequality and the earning elasticity which means a measure of how likely it is that if you’re rich (or poor), your kids will be, too. This being said, if parents are earning a certain amount of income, their children can earn 20% more than that average. I think if a person is born into a certain class, they can achieve a dream (if they so choose) and earn their way to a higher status.
ReplyDeleteMany people have wildly benefited from the opportunities that participate in global economy, but there are also a number of people who are left out. The Great Gatsby Curve makes it easier to understand the inequality of earning elasticity between countries. The children being born into the Great Gatsby Curve are at a disadvantage because they will earn approximately only 20% more than the average. The children being born into the Great Gatsby Curve in India and all countries, should be able to achieve success in a higher percentage than 20%, and their earnings and goals should not be just based off of their parents earnings.
ReplyDeleteThe Great Gatsby Curve was very interesting to me. I had never thought about the higher the IGE is. I agree that everyone should have the opportunity to move upward in society, and not everyone falls in the stereotype of if your parents are poor then you will be too. However, being raised in a certain class makes it either harder or easier in life for you to move up. If you are in a lower class, you have to work much harder to move to an upper class than someone who is already in the upper class. This is interesting to look at in India since their economy is beginning to grow, and it was interesting to see how they fit into the Great Gatsby Curve. Especially since they recognize class differences in India, and in the United States we are reluctant to recognize these differences.
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