Clearly explain why there is such a vast level of income inequality in the U.S. in...

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Psychology

Clearly explain why there is such a vast level of incomeinequality in the U.S. in comparison to other developed nations ofthe world? Provide two clear examples to illustrate yourposition.

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Income inequality has increased in the United States over the past 30 years as income has flowed unequally to those at the very top of the income spectrum Current economic literature largely points to three explanatory causes of falling wages and rising income inequality technology trade and institutions Part of this difficulty is rooted in the complexity inherent in larger labor market inequalities Falling labor force participation stagnating median wages and declining share of labor income for example are all part of current US labor market trends The technologyand education argument is the most prominent This hypothesis focuses on the large wage premiums for workers with high levels of education and skills See Answer

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