30 Oct 2022

147

The Poor and the Rich: Preferences Over Inflation and Unemployment

Format: APA

Academic level: University

Paper type: Case Study

Words: 786

Pages: 3

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Introduction 

In this world, different social classes exist. Specifically, I have chosen two populations namely; the rich and the poor. In this perspective, a rich person usually possesses immense wealth and valuable possessions. On the other hand, a poor person has little or no wealth at all. Hofstetter & Rosas (2021) opined that since time immemorial, rich people have been contracting the poor ones to accomplish tasks like manual jobs. 

Similarities 

Firstly, poor and rich people are not immortal. In this sense, they are expected to die at one stage of their lives. Both of these populations don’t have exact dates when or how they will die. The second similarity is the aspect of obeying the rule of law ( Kraus et al., 2021). Governments pass bills and laws for the general pollution, not social class-related. In addition, when both of them break the law, the judiciary applies the law in an unbiased manner. 

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The third similarity is the vulnerability of pandemics like Covid-19. Rich and the poor both susceptible to get infected when exposed to an infected ecosystem. Moreover, both populations can get infected with chronic diseases like cancer, cardiovascular diseases, and HIV. According to Hofstetter & Rosas (2021), both of them usually share one space like churches, government-owned recreational facilities, and public hospitals. 

Lastly, the poor and the rich can share one religious' denomination. For example, in the Christianity and Islam religions, the two populations worship and pray together without discriminating against each other ( Kraus et al., 2021). In their religion, a rich or poor person can be selected to become a pastor or a Sheikh. 

Differences 

The first difference is the amount of wealth possession they have. The rich people have more wealth and other valuable possessions compared to the poor (Hofstetter and Rosas, 2021). The rich usually diversify their wealth by investing in a lot of opportunities like the real-estate and money market while the poor are usually concentrated on long-term investments like small farming. 

Secondly, the rich people can access quality education because they have the financial advantage to pay for expensive private schools and universities. On the other hand, the poor people don't have enough financial capabilities to pay these expensive private institutions to get quality education. Kraus et al. (2021) argued that this is particularly common in developing countries. 

Lastly, the rich people mostly exploit the poor by employing them as gardeners and house helps. Hofstetter and Rosas (2021) pinpointed that in developing nations, the rich underpay the services of the poor paying. Also, these rich employers discriminate against poor workers by making them work for longer hours with little pay. 

Barriers To Climate Change Being Man-made 

The first barrier that makes the rich and poor accept that climate change is manmade is the aspect of education exposure. Rich people can advance their education using their huge financial muscle. The educational exposure makes the rich somehow get exposed to scientific findings on climate change. Due to its scientific nature (Rosen, 2021), poor people are hard to interpret scientific findings on the reason for this. 

News exposure is the second barrier because rich people have a lot of time to watch the news, read journals and magazines. From reading these secondary sources, rich people can have a level of agreement that climate change has resulted due to greenhouse warming (CNBC, 2020). A larger percentage of poor people spent a lot of time looking for daily income to feed their families. Therefore, this makes it a barrier for them to believe that climate change is manmade. 

Even the former President of the U.S Donald Trump argued that he doesn’t understand what is global warming ( Rosen, 2021). Many people and even world leaders have not yet fully understood climate change. All over the world, all countries signed and ratified the Paris agreement on climate change, except the United States. 

The rich and the poor will benefit from understanding the term and general effects of climate change ( CNBC, 2020). Scientists and other climate change activists must enhance educational awareness to both the rich and the poor. By doing so, they need to provide cheap and accessible information on climate change through social media and local radio shows. 

Ways to Change Behavior/Opinions of The Poor and Rich Concerning Climate Change 

The first prudent way that enhances behavior change is through incorporating climate change syllabus into educational institutions. When a child learns about climate change from an early age, he or she will know scientific reasons for the harmful consequences of climate change to the ecosystem. 

By rightfully knowing the cause of climate change, these children will grow into a generation that conserves the earth by adopting and implementing holistic measures like e-waste management, adopting the use of electric cars, planting more trees while minimizing deforestation and eliminating the use of fossil fuels in industries and other manufacturing units. 

In conclusion, the issue of climate change has been widely neglected by both the poor, rich, and those in power. Moving forwards, climate change should be everyone's reasonability to eradicate it in the long term. Because the rich and the poor won't act wholeheartedly in fighting climate change, the next generation will experience the extreme impact of climate change. 

References 

CNBC. (2020). Why Climate Change Denial Still Exists In The U.S. [YouTube Video]. In  YouTube . https://www.youtube.com/watch?v=f1rxv1yPQrc 

Hofstetter, M., & Rosas, J. N. (2021). The Poor and the Rich: Preferences Over Inflation and Unemployment.  Journal of Money, Credit and Banking 53 (4), 875-895. 

Kraus, M. W., Piff, P. K., Mendoza-Denton, R., Rheinschmidt, M. L., & Keltner, D. (2012). Social class, solipsism, and contextualism: how the rich are different from the poor.  Psychological review 119 (3), 546. 

Rosen, J. (2021, April 19). The Science of Climate Change Explained: Facts, Evidence and Proof.  The New York Times . https://www.nytimes.com/article/climate-change-global-warming-faq.html 

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StudyBounty. (2023, September 16). The Poor and the Rich: Preferences Over Inflation and Unemployment.
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