The growing income inequality isnt GOOD for the financial WELL - TopicsExpress

The growing income inequality isnt GOOD for the financial WELL BEING of the developed as well as the developing WORLD and the SOCIETY in general. Today, in a country like United Kingdom, we have a sizeable part of the society not able to afford more than £ 1.50 per person on a dinner and then there are those simply not able to buy three meals a day. Thousands are trapped and struggling to survive on a daily basis. But on the other hand, a segment of the society is getting richer by days and hours. So quite clearly, the trickle down economics hasnt worked and probably never worked. The reality is that our existing economic model is failing millions of people everyday. And yes there will be those who will use and abuse any MODEL but that said, we do need to look at ways to reconfigure or overhaul the existing model, we need to explore an economic growth model that facilitates TRICKLE down economics in real terms and provides for inclusive prosperity. A model that works for people who try very hard everyday, a model that serves as a spring board and not as an entrapment, a model that is sustainable and not prone to BOOM and BUST. The current model is not just inefficient but also misleading, a country with the highest per capita income along with a low per capita debt is quite clearly richer than a country with the highest GDP but at the same carrying one of heaviest DEBT BURDEN. A sustainable solution starts with an admission of the existing problem and I believe we are reaching a point where the evidence of the inefficiency of the existing economic model is quite overwhelming and yes there are those in ACADEMIA who believe that markets are efficient, rationale and what not but in real economic terms there are no hard evidence to prove this sort of thought process. Justice delayed is justice denied so even if on paper we are somehow able to show that ultimately prosperity may reach the bottom pit/ segment of the society but in 50 to 100 years cycle then its quite simply not efficient and also not working for a large part of the society. We may need to go back to basic and ask ourselves ...what is the overall purpose of the economy ?

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