I recently viewed the video “How Economic Inequality Harms Societies“. Here Richard Wilkinson, author of The Spirit Level, explains how gaps in income distribution hurt societies.
The bigger the gap between the rich and the poor, the bigger society’s problems. Conversely, the more homogeneous a people are, in terms of income, the greater the well-being and happiness in the society.
And, according to Wilkinson, the determining factor for social well-being is not how rich or poor a given society is overall. Rather, it’s how similar the individuals in the population are to one another in terms of the distribution of wealth.
It would stand to reason, by this argument, that what we need to increase well-being is not more money per se. We need to close the gap between the rich and the poor. Continue reading
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