Mr. Rockefeller had something to say in reply that rings true even today. “No”, he is reported to have said, ‘I am not responsible for their condition and hence, have no reason to be ashamed of my earnings and wealth. I am sure that if God willed that tomorrow will dawn with all the wealth in the world distributed equally amongst all the people in the world, by dusk many people would have negotiated or made themselves into millionaires or paupers”. He could easily also, have added – “Everyone is responsible for the results of their own actions or non-actions, and as regards to what I will or will not do for others, or what I will share with them, that will be only my decision and not theirs or yours”.

History tells us that such disparity has been the order of the day for ages. It also, shows us that efforts such as progressively higher tax rates (as percentages) and estate duties etc. have not been able to really reduce such disparities, especially as we do not want to drive away the wealth creators, the truly productive persons, in our attempts to regulate or control those who are ‘gaming’ the system. Yet we all see the need to bring about the more equity into the system in addition to the equality of opportunity referred to above.

Also, see Annexure – III, for how things were 2500 years in the golden age of the Mauryan Empire.

Many people have addressed this issue and have raised calls for re-visiting the very basis of market-based economics, of supply and demand and of the ‘trickle down’ theory. To see the ‘Economy’ not as a self-contained ‘Black Box’ isolated from the environment around it and from which the resources flow in response to the laws of supply and demand; but as a kind of living organic system that continuously interacts with its environment as an integral part of the eco-system and which works in accordance with Nature’s laws. (See “Money and Financial Boom & Bust cycles – an inevitable outcome”).

“Tell me with what measure you will assess me and I will structure my efforts to suit.” – Anon

“You get what you measure. Measure the wrong thing and you get the wrong behaviours.“ – John H. Lingle

Instead of using only the Gross Domestic Product (GDP), which many agree has numerous shortcomings, as a measure of growth; other indicators have been suggested as being more valid. Indices such as the Genuine Progress Indicator (GPI), the Happy Planet Index (HPI), or the Index of Sustainable Economic Welfare (ISEW) etc.

To determine the right way to use such broad-based indices without letting subjective assumptions lead us to short lived and misleading conclusions, we need to take inputs from multi-disciplinary groups of experts, including biologists, environmentalists, psychologists, political scientists, even feminists – as today a house wife’s labour is not measured for GDP, and ofcourse even from economists. The index selected should also, include ethical considerations to address such disparities and so prevent our society from the risk of becoming dysfunctional.

In the present circumstances, till the existing economic system can be appropriately modified / replaced by a more equitable system based also on the value of leisure or Family Time and on ‘Green’ considerations such as energy and pollution charges etc., the only possible method to address such disparities would be for us to try and encourage the more successful to look up on sharing the fruits of their efforts, in such ways as they deem fit, with those less fortunate, as something to want to do, by lauding and according public recognition to those of them who do.

Also, are wages the only true measure of income? How about TIME or leisure? Economist (Dec. 20, 2014) writes of a growing ‘leisure gap’ with the lion’s share of free time going to people with less education. In America, men who did not finish their high school gained nearly 8 hours of a week of leisure between 1985 and 2005. Men with a college degree however, saw their leisure time drop by 6 hours during the same period. For women it was 11 hours less for well-educated in comparison to women who did not graduate from high school. Inequality of leisure has coincided with other measures of inequality, in wages and consumption, which have been increasing steadily since 1980. This makes leisure time very expensive. Labour unions trade for more leisure time – essentially lower wages for more holidays. This raises the utility of leisure, as holidays are more fun and less costly when everyone else is also, taking time off. Hence the value of such leisure and family time and the opportunity for happiness it accords, needs to also, be factored in when looking at inequality.

It is time we all call on our government to really ‘Walk the Talk’ and work to bring about true ‘Equality of Consideration and of Opportunity’ to each and every one of us (and our children), to pursue in a harmonious manner, our happiness / aims as we may desire, of course without conflicting with the similar rights of others.

Pages: 1 2 3 4 5 6