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Income Levels

2023-02-12 00:00:00 / episode: 26

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Script

Income levels

I'm not here to tell you about my income and I don't want to ask about your income,

but income levels are different from country to country

and what's more, some countries have a large gap between the highest and the lowest income levels

Generally speaking, you could say that countries that have higher income levels tend to be a little more productive

They also tend to have a higher education level

Countries that have big gaps between their highest and lowest incomes

They sometimes have problems when there's a large gap between the rich and the poor

Then there's problems with distribution of wealth that means making sure everybody gets a fair share of the pie

When everybody doesn't get a fair share, then there's a problem for the poor people

They often don't have access to good education or other economic opportunities

These societies tend to be a little bit unfair

If you have a higher income level, then you can probably get a better education for your Children

And with that better education, they'll probably have a higher income level too

And it becomes a cycle

The rich get richer and the poor get poorer

So, if you look at countries across the world,

when there's a smaller gap between incomes,

then we don't have that vicious cycle where bad goes to worse

And that's one of those factors I look at, when I try to assess countries

On the other hand, I certainly want to have a little more income for myself too

And I'd like my Children to have a good education so that they can have access to higher income

There is a reasonable limit though because I think if your income is too high that creates new problems

But that's a topic for another podcast.