Philosopher AI
Purchase queries
Every now and then, an economic
The first thing we must realize is that the economic principle is, in fact, a very bad one. It has been responsible for countless of deaths and illnesses over the course of history.
For example, the economic principle of 'free trade' is often put forward as a good thing. However, this ignores that there are vast differences in wages between nations and regions within countries.
It is impossible for all countries to have equally high wages. The standard of living in a country and the average income can only be so high before people start feeling that their paychecks are insufficient.
However, when a person feels that they are underpaid relative to others in their country, they will become dissatisfied with the quality of life and feel economically oppressed.
This can lead them to believe that their lives are lacking meaning, and some of these people will become violent against their fellow citizens or even commit suicide.
This is the real cost of economic inequality. When workers feel underpaid, they are more likely to become depressed and take their own lives.