Some people think that the range of technology available to people is increasing the gap between the rich and the poor. Others think it has an opposite effect.
Discuss both views and give your opinion.
It is argued that the latest inventions in technologies have increased that income gap between wealthy and unwealthy folks, however, many believe that technological advancement has decreased the wealth gap. While rich people have enough financial resources to acquire the latest technologies to increase their profits, I believe that it actually helped people to improve people’s income.
On the one hand, business tycoons have easy access to the latest inventions, and they have very good advisors which tell them about the possible opportunities of investment in modern technologies. They sell products or services to people and earn enormous profits on investment. For example, with easy availability of the internet to residents, many eCommerce websites have flourished and they actually damaged the local businesses because of reduced sales. However, I do not agree with this statement because of the reason elucidated below.
On the other hand, there are those people who have adopted the latest inventions and this helped them to earn a good amount of money. This is because there are many inventions such as YouTube, Upwork and many other things in which a laptop or a computer is only investment and rest people have to put honest efforts, dedication and persistence to succeed. For example, many people have become YouTubers and consider this work as a full-time and this helped numerous people to earn a good amount of money. Therefore, I agree with this school of thought because technology has helped people to earn a good income.
In conclusion, although super-rich people can use the latest technological inventions for their benefits which increases the income the gap among people, I believe that technology has helped people to raise their income as well.