In some countries, only a select group of individuals are paid considerably higher than the average people. This has led to diverse opinions among people, with some seeing the income disparity as beneficial for the country, while others propose setting limitations on how much one can earn. Both perspectives have logical points, I personally agree more with the latter one.
On the one hand, a country can benefit from income inequality in certain ways. For one, economic growth is like to occur when the earning gap among different groups of people is wide. Individuals paid significantly more than others in their community tend to shoulder greater responsibilities; their contribution to the society through innovation and pronounced achievements, say, in sports. To keep them highly motivated to help their country flourish economically become known globally, they should be rewarded distinctly from others, which often comes in the form of disproportionate pay. Furthermore, noticeably economic inequality in a society ensures fairness. To be eligible for earning hefty amounts, one needs to put in greater effort, no matter what their career path is. For example, becoming a professional doctor necessitates years of studying and gaining experience. Seeing themselves making similar amounts as others in lower positions, they might feel injustice, potentially leading to job dissatisfaction.
On the other hand, taking control of individuals’ earnings is also essential for certain reasons. Giving extremely high salaries to a small number of people can give birth to social inequality. Individuals from economically disadvantaged backgrounds have limited options in many life aspects, such as healthcare, education and employment. As a result of relatively low pay, they might not afford what their better-off fellow citizens could. For instance, those who received better education stand a better chance of stepping into a high-paying career. This means that being unable to take structured education due to economic constraints, people with limited skill sets might face barriers in employment as well. This, in turn, can lead to poverty in a society, which is often associated with other social issues like poor public health and crime in the long run. While paying an elite group substantially higher seems beneficial in the short term, the long-term consequences are far too great to ignore.
In conclusion, while paying disproportionately to a few ensures fairness and drives economy, the costs of unequal income levels include social inequality and its long-term impacts- issues around crime and health to name just a few. Therefore, I maintain that considering widening pay gaps is essential to prevent certain serious problems from arising later.