Social Class Differences On The Long Run Essay - 1403 Words

Income equality has been on a steady rise since 1970 in both the United States and Europe. Over the past several years, many researchers, such as Thomas Piketty and Emmanuel Saez have been conducting and publishing empirical studies which indicate that economic inequality is growing in wealthy countries, like those in Europe and the United States. In fact, according to a graph published in Piketty and Saez’s study â€Å"Inequality in the Long Run,† both the United States and Europe’s income and wealth inequality generally decreased from 1900-1970, and then started increasing in the time period after that. The results of this study suggest that social class differences may be growing in the long run. This paper will examine this graph from the perspectives of both Adam Smith and Karl Marx. Using Marx and Smith’s findings in German Ideology and Wealth of Nations, this paper will discuss Marx and Smith’s main theories on capitalism and describe how the se theories can be applied to the interpretation of the graphs in the study â€Å"Inequality in the Long Run.† This paper will also discuss the similarities and differences between Smith and Marx’s interpretation of the data. Smith’s theory of capitalism, described in his book Wealth of Nations, discusses the ideas of the division of labor, self-interest, and the real value of products. According to Smith, the division of labor arises from a human’s ability to exchange goods. In the Wealth of Nations, Smith discusses how it is a part ofShow MoreRelatedWuthering Heights By F. Lockwood881 Words   |  4 Pagesable to take on the manners of the genteel with their achievements in social status. 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