Is Inequality Overhyped?
The bustling city of Mumbai has a 27 storied, 173-metre tall building called the Antila. The Antila is the residence of India's richest person and billionaire, Mr Mukesh Ambani. At the same time, Mumbai also hosts Asia's largest slum locality called Dharavi. It is one of the densely populated areas in the world. What does the above fact indicate us? Has the above paragraph vividly captured the essence of inequality? Let us for a moment become Akira Kurosawa and apply the Rashomon effect to this. How will a person who has a "Pro-Growth" stance witness this? They see inequality as the unavoidable "side effect" and sometimes necessary for the prosperity and well being of a country. If we ask the opinion of a person who believes in wealth redistribution, he or she might scorn Ambanis' for being able to afford such a luxury, while people at Dharavi are not able to enjoy any of those. Are both of them justified? Let us expand the broader arguments of both...