Monday, March 28, 2011


In a recent newspaper debate about the growing inequalities of wealth in the USA  entitled "Rising Wealth Inequality: Should We Care? Why do Americans seem unperturbed about the growing gap between the rich and the poor?", Michael I. Norton an associate professor at the Harvard Business School, who is  is currently co-writing a book on money and happiness, made some interesting observations. "In a recent survey of Americans, my colleague Dan Ariely and I found that Americans drastically underestimated the level of wealth inequality in the United States. While recent data indicates that the richest 20 per cent of Americans own 84 per cent of all wealth, people estimated that this group owned just 59 per cent believing that total wealth in this country is far more evenly divided among poorer Americans." (New York Times, 22 March) It may have escaped the professors' notice, but all the media is owned by the rich and it is in their interest to spread the false notion that capitalism is a fair and equitable society. RD

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