The Ethics Of New York Economic Inequality

The Ethics Of New York Economic Inequality
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Ethics are critical in helping individuals to understand what might be regarded as clearly wrong or right. Additionally, philosophy is crucial since it makes it possible for individuals to comprehend where their convictions are right and replace them with better accounts when necessary. Ethics also plays a critical role in economic-related matters and may be critical in determining whether capitalism is good and would help individuals comprehend whether individuals should admire workers and business owners who are motivated to make large profits. Most critically, it is necessary for people to examine whether self-interest is moral and immoral and whether it would be critical in determining whether it is acceptable for people who take responsibility for their lives to achieve happiness.
It is critical to note that inequality in Texas has increased significantly over the last few years, based on the measures of inequality used by the United States Census Bureau. It is keynoting that New York is among the states that recorded high inequality gaps between the rich and the poor. The widening inequality gap between the rich and the poor signifies that the benefits associated with a strong economy are not shared equally among all citizens. In this case, philosophy would be instrumental in promoting philosophical insights about the widening inequality gap in New York. The concepts of realism and emotivism would be needed in determining how the real world works and examining the implications of moral facts in economic actions undertaken across the state.
The theory of utilitarianism would be critical in evaluating economic inequality in New York. Utilitarianism advocates and promotes the activities that foster happiness and discourages practices and actions that can cause harm, suffering, and unhappiness. However, it is keynoting that happiness is god-given and is regarded as a gift of the gods to human beings. In this case, philosophy examines happiness as a divine thing (Bartlett & Collins, 2014). Seeking happiness through the accumulation of wealth as a source of happiness means that other people would contradict the virtues of god-given happiness. Instead, New York residents would acquire the happiness they hope for my acting morally by ensuring that their economic practices and policies do not facilitate suffering to other society members such as the poor and low-income families. Most often, utilitarianism is more focused on measuring utility, which has critical contributions to economics matters. Ideally, classical economics seeks to expound on how economies work by assuming that people are committed to maximizing their utility. In this case, it would be argued that all people in New York are committed to increasing and maximizing their wealth. Since happiness is regarded as a vague idea, economists make the notion of utility more accurate and use it as a measure for desires. Based on utilitarianism, it is critical to comprehend that increasing economic disparity in New York would have more disadvantages than benefits. At the same time, the accumulation of wealth in the society can benefit a few individuals within the state while most people suffer. Some of the possible consequences of increased economic inequalities include high crime rates, poor public health, lower education levels, and can increase the level of poverty and homelessness (Birdsong, 2015). Therefore, it is clear that economic inequalities promote suffering and pain among the largest portion of the people living in New York.
Furthermore, some countries like the United States practice capitalism, an economic system that is highly controlled and dominated by capital owners who hire laborers to increase their profits (Bell & Chaibong, 1999). It is critical to note that capitalism is a common feature in different societies, including New York, and capitalists are often competing with one another, intending to increase their profits. In this case, the capitalists find it morally correct to disregard other people’s needs in society and are highly concerned about their profit-making objectives. In New York, most business owners are mainly focused on expanding their businesses and increasing their profits at the expense of other society members. In this case, the majority who are in the middle or lower class receive no satisfaction or happiness from businesses undertaken in the city because the owners enjoy all profits. However, there are some mitigations that can be implemented in capitalist societies and are keen on reducing the negative consequences associated with this economic system.
Moreover, Confucianism, which is based on the ancient Chinese philosophy, facilitates better and reliable intellectual, as well as moral resources that can be utilized in encouraging the agender of facilitating economic decentralization, which is needed ensuring that some members of the society are not treated equally to others and where the people are not provided with equal opportunities. Similarly, in New York, limiting central powers and encouraging both family and social solidarity would be critical in ensuring that peoples’ moral choices are based on the broader community’s interests and that p...