Some people argue that the range of technology available to individuals today is increasing the gaps between the rich and the poor. Others argue that it has opposite effects.
Discuss both of the views and give your opinions.
The leaps in technology development has benefited humankind in all aspects, spurring production and economy, hence increasing individual incomes. Some argue that the progress has created the nouveaux riche, enlarging the rich poor gap, while others say ostensibly it has balanced income allocation and reduced the gap. I think both arguments have their merits.
Technology brings about equal chances to everyone, especially in term of information thanks to the advent of the Internet. Students in developing countries are now able to access online courses oversea like domestic students. Educational sites such as Open universities and Khan academy have helped free and paid courses spread out all over the world. Information about scholarships are usually published on universities' websites, giving chances to every competent international students competing equally with each other. All these advantages espouse students to prepare for their career, helping children in poor and remote areas to become skilled and well-educated employees with much higher salaries. To attest to this is the number of the illiterate has declined in most countries while average incomes and living standards has significantly improved over the last decade.
However, according to economic analysts, technology advances do have effect on the rich poor gap because of their support in production. Automated manufacturing plants have produced more products with lower costs than ever, creating huge companies on the market with increasing marginal revenues each years. Also, modern technologies used in marketing, logistics and construction has brought these companies out of the border, seeking for new markets, and consequently their CEO and directors are paid equivalent amounts to their huge profits. It is said that only 20 percent of world population are the rich but their assets count for 80 percent of total asset. More over, new technologies have created wide rage of luxurious products for the rich, making the gap between them and the poor clearer.
To conclude, technology progress have two side effect on the rich poor gap; however it does leverage the living standards, making the poor less poor than they were in previous decades.
-------- Thank in advances for checking my essay.