In some countries, a few people earn extremely high salaries. Some people think that this is good for a country, while others believe that the government should control salaries and limit the amount people can earn. Discuss both views and give your opinion.

In today's world, in some regions, there are a few
people
who earn significantly high salaries. It is believed by some part of a population that
this
is beneficial for the country, while others consider that the
government
should intervene and solve
this
problem.
To begin
with, on the one hand, if some businessmen earn large sums of money it may benefit the economy.
This
is because of the fact that not only are they likely to invest more but
also
their levels of consumption will be extremely high.
Therefore
, if investment and consumption
increase
it will
increase
the aggregate demand and,
consequently
GDP that, in turn, will stimulate economic growth.
For instance
, recent research has shown that the more rich
people
are in the country the more likely
this
country will become economically successful.
However
,
on the other hand
,
this
tendency may lead to high levels of
inequality
which can be decreased by
government
intervention.
This
is due to the fact that not only can the authority introduce maximum wages but
also
it can
increase
the tax level on those who have extremely high salaries.
As a result
, it is likely to reduce
inequality
among
people
and
this
, in turn, will
increase
national happiness.
For example
, in Ukraine, the
government
has introduced a maximum salary and
this
policy decreased income
inequality
by 20%. Eventually, to conclude, high income is likely to lead to an
increase
in GDP,
however
, it may level up the rate of
inequality
. In my opinion, the
government
should control wages and limit the amount
people
can earn to prevent the possible poverty and the gap between wealthy and poor citizens
Submitted by veronika-glinka on

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Topic Vocabulary:
  • wealth inequality
  • economic growth
  • motivation
  • talent acquisition
  • consumer spending
  • tax revenue
  • redistributing wealth
  • market forces
  • income disparity
  • social stability
  • freedom of choice
  • meritocracy
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