00:01
Hello students, so today we will be discussing about various arguments or statements being made in respect to income inequality.
00:18
So the arguments are as follows that whether a nation's income should be distributed to the members of the society in accordance to their contributions made to the economic production of that total income according to the individual's needs.
00:39
And also the another argument is that whether the society or the individuals in our nation should make an attempt to equalize the income or the economic opportunities within the nation.
00:53
And also the issues related to equity and equality in the distribution of income are actually synonymous in nature.
01:04
And also the what to what degree, if any, the income inequality.
01:09
Is equitable.
01:11
So let's discuss all these arguments, statements being made.
01:14
So it is that these statements or this portions being raised in respect to income inequality are inextricable, which are tied to value judgments, but most of them would probably be favored a combination of two types of two types.
01:39
Of income distribution.
01:43
So in order to favor these statements, there would be two types of income distribution.
01:53
There would be a purely capitalist system in which the incomes are determined exclusively by the market mechanism and it would also mean that those who for not, for whatever reason, are unable to contribute to the production, have to depend exclusively.
02:15
On the private charity given to them for their livelihood.
02:19
So the first is private capitalism.
02:26
And if they are not able to contribute in the economic development, then they have to depend on the charities given by the private individuals.
02:36
And another hypotheticals for the communist state would also lead to seemingly inattractable problem.
02:46
If income is to be distributed, probably purely on the basis of the basic needs that there's food, water, clothing...