John Stuart Mill And Income Inequality - 1721 Words

ECON1401 Written Assignment 1 – John Stuart Mill and Income Inequality Many great economic thinkers throughout history has offered various differing yet interrelated views and ideas that may prove useful to the analysis of current issues in modern economics. A persistent issue in the modern economy is income inequality whereby the distribution of income among the population is unequal. This means that the gap between the rich and the poor increases over time if the issue is not appropriately addressed. In exploring the issue of income inequality in Australia, this essay aims to analyse the issue from the perspective of a selected economic thinker – namely John Stuart Mill – by: (1) providing a summary of Mill’s key ideas and theories, including the different forces that may have shaped his thinking; (2) applying Mill’s conceptual framework to the income inequality problem; and (3) offer solutions he might have suggested to address this problem, including policies that may be adopted and institutions that may be constructed in the Australian context. In order to consider the problem of income inequality from Mill’s perspective, it is of imperative importance to first grasp an understanding of what factors contributed to the development of his key ideas. Known as one of the most influential figures in classical economics, Mill is more commonly described as a philosopher and socialist than an economist due to his obstinate strive for progressive social reform throughout hisShow MoreRelatedMorals, Ethics, And Modern Thinking Essay1367 Words   |  6 Pagesinformation of income inequality shows a divergence from moral ethics and the consequences are dire. Miriam-Webster defines â€Å"good† as something conforming to the moral order of the universe and â€Å"morality† as a doctrine or a system of moral conduct (Merriam). I will apply the Utilitarian moral theory and the Kantian moral theory to this issue, and show that no matter how you look at it or what theory you subscribe to, good morality is lacking in the a cceptance of the current income inequality that existsRead MoreThroughout History, Economists And Philosophers Have Theorized1533 Words   |  7 Pagespossible. 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