I don't have a problem with inequality, either of income or of opportunity, though I believe people are far better off in a free society rather than a planned society in any case.Not so long ago Michael McDowell said that Inequality was good for the Economy. And people were like “how dare he”. “You can’t say that” “we are Irish we love each other equally” “we cherish each child of the state equally”. He is the minister for Justice Equality and Law reform he is suppose to lax lyrically about equality and yadda yadda yadda.
Few I think actually realised that he is right. Inequality is good for the economy in some ways. And everyone who is out there shocked at what McDowell said is glad of inequality.
I have argued before the case for a high minimum wage which I still stand by. But there is a limit to the height it will go can go before it will start price inflation. At a certain point the increased consumer spending will not compensate for a business costs so prices will rise. Thus as prices rise people will be getting less “value for money” then before and demand wage increases and thus creating loads of problems and job losses. (Edit Cause high inflation as well thus starting a vicious cycle)
The fact of the case is that to control inflation and give people the “value for money” they so crave we need inequality in the economy. Before anyone yells at me what about the Swedish model. Read this. Then you can yell away.
However in other ways inequality is not good for the economy. We are going to be a knowledge economy so we need to excel at it. That means every child should have equal access to education, health and an equal opportunity in life. It should not matter if a parent can pay to send their kids to a top school the free school needs to be as good. If it is not and rich kids get a better education then poor kids our economy will decline. We can not have a type of inbreed intellectual elite in this country coming from the same social strata(inbreed from a limited pool of people). Our economy needs the best of the best not the best of the rich. And with that then people will be better off.
So Richard. I disagree. neeeeeeeeeeumm
(if anyone doesn't get the family Guy Reference For Shame get thee to the DVD store)