According to Mehta, how are the wants of a poor man as compared to a rich man?
Answers
Answer:
Globalisation and the rise of inequalityRich man, poor ... more than half of Americans want to protect companies .... out to be only temporary fluctuations in relative incomes.
Now we are speaking of Economics and related to wants of a poor and a rich man. This is about the clarification of the differences that exist between the wants of poor and rich, in general.
Explanation:
What R. K. Mehta has to say about their wants has been in brief mentioned by me in points. First we look at the wants of the rich!
Wants of the rich person – It is certain that rich people always have a lot more requirements, throughout their life. This means that as far as rich are concerned, their wants are never satisfied. Now it is also obvious that Rich people earn high income and so they are able to invest their money in purchasing all types of expensive things.
Because they have access to money, so they are also able to fulfill most of their demands, no matter how expensive their demands are. As rich people are good buyers of luxury so it is certain that they also are highly taxed as compared to poor people.
Wants of the poor – Poor people are always limited on their expenses as they have very low or less income. This means that they usually have very few wants and needs. But this certainly does not mean that they do not desire having everything the rich people have.
Next poor people are mostly restricted to their tight budget planning as they have fixed income to spend, so they have to adjust or compromise on most of their wants, as compared to rich people. Running low on fixed income, also means that the poor people have to satisfy with what they have.
This means that much of the demands of the poor people are never fulfilled. As poor people are also low on their income, so they are generally non-taxable or very less taxable by the authorities. They just are not imposed by taxation burden.