Misconceptions related to economic inequality

In recent years, economic inequality gained prominence in the socio-economic debate. The Nobel Prize in 2019 was awarded to two economists who researched economic inequality – a scourge that has once again come to the fore of political thinking. The debate on why so many people are being left behind in today’s economic models keeps evolving. Some academics argue that the excessive wealth of the few is not the reason why so many others are living from hand to mouth. Albena Azmanova from the Brussels School of International Studies argues that politicians are addressing the ‘scourge of economic inequality’ incorrectly. This assertion may explain why taxing the super-rich has failed to endear social democratic parties to the masses of the have-nots in Western societies. Dr Azmaznova makes a very valid point. The battle against economic inequality can only be won if governments focus more on building more stable, secure and sustainable societies. Most people do not hate the rich because many aspire to become rich someday. What should worry our leaders is the fact that affluence often entails social privilege. When the wealthy engage in wheeling and dealing to preserve their...