Editorial of the Day (5th Aug): Income Inequality and Inclusive Growth

Sociological and Philosophical Insights

• Thorstein Veblen’s Perspective: Veblen criticised the affluent for “conspicuous consumption,” where lavish spending is used to assert social status and deter emulation by the less wealthy.
• Michael J. Sandel: Sandel argues against the entitlement mentality of the wealthy, suggesting that their success is often due to advantageous early life circumstances rather than solely personal merit.
  • He advocates for recognizing the contributions of the community to individual successes and promoting a more equitable distribution of wealth.
• Public Perception and Societal Impact: The middle and lower classes often show a resigned acceptance of wealth disparities, influenced by the propagated notion of meritocracy.
  • This acceptance is seen as a form of psychological capture, where the less affluent see the wealth distribution as fair and deserved.
• Religious Context:
  • The Quran advocates for the concept of wealth as a trusteeship, where the rich are custodians of wealth on behalf of the poor, highlighting a “recognised right” of the underprivileged in the wealth of the affluent.
  • This perspective challenges the modern acceptance of wealth accumulation and emphasises the moral obligations of the wealthy.