The Economists View on Why the Rich Are Getting Richer and the Poor Poorer

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As Anne Frank said in her diary, “people can tell you to keep your mouth shut, but that doesn't stop you from having your own opinion” (Tscherry, 2015). The courageous girl Anne Frank who wrote in her diary during the Holocaust tries to convey is that rather your opinion is right or, wrong in this world we all have different ideas. Some opinions may not be likable to others, but that shouldn't impede you to have your own voice of the situation. Likewise, in the world of economics many economists may agree on this concept while other believe we should approach in a different direction. America is known for having a flourishing economy. Thus, it would imply that economic system is great. Indeed, as economy is growing so is the economic inequality and exploitation among the people is too. Economist like Thomas Piketty and Robert Reich have also said that economic inequality has increased, and exploitation of the world’s poor have become more important matter of issue. Both economist have argued that certain market arrangements are in need of mitigation, restriction or possibly even outright abandonment. When I read the articles I realized that some of the ideologies that Robert Reich said in his article are viewpoints I agree for instance, how technology has limitize work trade has affected the commonwealth of individuals, and how technology has limitize work labor.

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In the story ‘I, Pencil' by Leonard E. Read it mainly talked about how many things people take for granted but are utterly importance to society are. For example pencils, because in the story it describes the manufacturing steps that we tend to overlook or forget about the things we buy. This affirms the idea that anything even something so small can be important and can affect the economy. People may not understand all of the phases a pencil must go through to be a finished product. Read's article also illustrates the fact that people know very little about how the products they buy are created, and thus stating people don't know what they're really paying for. Thus it takes multitude of people and steps required to make a pencil materialize, Read asserts the audience that the benefit of a free society where the government doesn't run everything or control is worth the costs (I, Pencil: My Family Tree as told to Leonard E. Read). In Reich point of view ihe believes that we should put the blame on technology. According to Reich, “modern technology, or so it was claimed, reduced the need for routine manual labor while increasing the demand for conceptual work”(Krugman, 2015). Although I do believe this statement true it also, think that just as technology could be the problem, it has also has been important to the process of many things for example a pencil. Many people contribute to many things of the materializing things without even knowing even countries. We live in a modern world where we rely on technology it makes since that many jobs of people are declining and are getting severely affected by it. Since people don’t have to do hard labor means less money towards them.

How has trade affected the economy, is one example from Wealth of Nations, by Adam Smith. Smith argued that by giving everyone freedom to produce and exchange goods as they pleased or known as free trade, and opening the markets up to domestic and foreign competition. It would promote greater prosperity than with strong government regulations. Smith believed people ultimately would promote public interest through their everyday economic choices. He believes that trading among different countries and different people would benefit the country.  

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