Economic inequality in economics

- Management-Dhawal Mehta

The head of The Rack Company as well as the managers of the company should know what economic thinking the country is running under. The manners of countries under socialist or communist or religious ideology or capitalist ideology are different. Market fundamentalism is as deadly to humankind as religious fundamentalism. Free markets need no government intervention. As markets are autonomous, any government intervention distorts the economy and wastes the country's economic resources. Right-wing economists in the West, including the United States, consider themselves 'libertarians' because the word market fundamentalism is negative. Liberty in Gujarati means (human) freedom. Liberalism means liberalism while the Libertarian word is the extreme form of liberalism. Libertarians say that everyone should have the absolute power to sell, to buy, to make a profit, to create wealth, to make financial agreements with one another, to accumulate wealth, to be unemployed or to have a job.

Wealth of the rich: Bill Gates, Warren Buffett, Jeff Bezon, Steve Jobs, Richard Benson, etc. have immense wealth in the world today. He did not get it in a dishonest way or by bullying. They must reap the rewards of their hard work and the government should not impose heavy taxes on them and steal their wealth or income to help the poor. In their view economic inequality in the world It is a natural rule to live a life of middle class or poverty. Yes, so much so that the government has the right to confiscate the property or income of anyone who generates wealth dishonestly.

India's five-year plans led to the emergence of black markets in India. Rationing entered. Interference of the state's economy shattered the Indian economy. Moreover, the welfare states make the people lazy by providing them free or at least basic facilities like education, health, electricity, water etc. There is no existence in these arguments. In welfare states like Denmark, Norway, Iceland, Sweden, etc., human life span is very long, its citizens enjoy old age happily. The quality and scope of education is very high here. In the 21st century, India is also moving in the direction of welfare state under different governments. Of course India has not done what it should have done to allocate higher budgets for education and public health.

Margaret Thatcher in the UK and Ronald Reagan in the US started implementing market fundamentalism or libertarian thinking in the 150's. The original founders of this school of thought were also Frederick Hayek, a professor at the University of Chicago in the United States (18-19) who was originally from Australia and Germany. In his book The Constitution of Liberty, written as late as 190, he openly stated that any attempt to reduce economic inequality would deprive people of their social freedom. Milton Friedman, co-founder of this ideology, stated in "Capitalism and Freedom" (19) that many of the state's economic activities destroy independent societies. As well as the US Social Security and the government's compulsory retirement program, human rights are at stake. Friedman also argues that even the minimum wage law violates the owner's rights. The business owner should be exempted from paying the minimum wage to his or her employer. It is a good thing that the right-wing factors in the world are slowly weakening and welfare (states' ideas and practices are spreading rapidly).

Robertnozic and inequality Robert Nozik, a leading philosopher in the Western world. The book entitled 'Anarchy, State and Europe', published in 18th century, confirms Libertarian thinking. They advocate a minimum state. The state only has to protect people from inside and outside attacks, protect people from theft, robbery and fraud and enforce agreements between people or organizations. The government is not going to get involved in distributive justice. The state should not help one group against another. The state is not going to do a 'robinhood' act of robbing religious people of money and giving it to the poor. The rights of the people are so precious that the state cannot deprive the rich of their right to enjoy their property. The state should not coerce anyone. There is nothing wrong with income-wealth inequality. It is the duty of the state to ensure that the theft of wealth is not a result of fraud or any other form of dishonesty.