PEORIA MAGAZINE February 2023

ECON CORNER

INEQUALITY

W e l come t o Peor i a Magazine’s Econ Corner, a recurring feature in which we pose questions to experts about various economic issues and how they affect our lives and careers here in central Illinois. This month’s participant is returning contributor Dr. Joshua Lewer . Peoria Magazine (PM): Please discuss the primary causes of ongoing social and income inequality in the United States and what effect it has on the overall economy. Meanwhile, beyond the moral component of such inequality, are there personal, practical implications for the “haves” regarding the general health of the “have nots”? Joshua Lewer (JL): Income inequality has been an important topic throughout human history. The Greek philosopher and historian, Plutarch, stated: “An imbalance between rich and poor is

the oldest and most fatal ailment of all republics.” He observed that the survivability of republics and economic welfare of populations were a function of financial distribution. So, what are some of the root causes of income and wealth inequality today? This is a multifaceted issue with many core exacerbating determinants. While not a universal list, here are some individual and societal factors driving income divergence: 1. Ability : There is no doubt that people have different mental, physical and aesthetic talents. Some of these abilities, such as IQ, can be inherited and are needed for high-paying jobs such as health care, law and corporate life. Some individuals have significant self-drive and motivation to succeed and harness these efforts to start their own businesses. In their best-selling book The Millionaire Next Door: The

An Interview with Dr. Joshua Lewer Chairman of the Economics and Finance Department at Bradley University

INTERVIEW BY MIKE BAILEY

88 FEBRUARY 2023 PEORIA MAGAZINE