. Despite the recent unprecedented technological advancement and economic growth, inequality of various sorts exists in all the societies across the world. How do you think inequality can be reduced specially in our society?
A. Is there a need of reducing inequality in the society? Why or why not? Explain with logical reasoning and historical examples
New technology has allowed the more productive workers to be even more productive, thus widening the income gap between them bringing inequality. This is common with most new technologies, as it tends to improve the relative position of skilled workers. There exist two types of inequalities which are; Vertical inequality which refers to differences between individuals (or households) within a particular country or region, or in the world as a whole, and horizontal inequality which refers to differences between culturally defined groups of people within a society, i.e. between the rural and urban population, or between different ethnic groups.
There is still a need to reduce inequality since the balance has not yet been achieved in many areas of the economy from social, economic, and political lives. Inequality can be reduced through various measures such as; empowering women and creating opportunities for youth and disadvantaged communities, increasing economic inclusion and create decent work and higher incomes, enhancing social services and ensuring access to social protection, facilitating safe migration and mobility, and tackle irregular migration, fostering pro-poor fiscal policies and develop fair and transparent tax systems, and encouraging domestic resource mobilization and stimulate public and private sector development.