What if everyone in the world had the same income?

calendar November 20, 2008
income
whatiship100 asked:


I don’t know a lot about economics but I am curious about a little idea that popped into my head:

With the world’s current economic situation (taking into account how much money is in the world and how much income there is per capita for each country):

If everyone in the world had the same income, what would it be (or how could you even mathematically figure this out?)?

Obviously it would ***** with local economies but just curious if you took the richest and poorest incomes all over the world: what would everyone’s income be if it was the same?

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5 Responses to “What if everyone in the world had the same income?”

  1. Cameron Says:
    November 21st, 2008 at 7:53 pm

    well thats wat they do in a comunist government. and people are happier. there arnt any really rich or poor. i think it would be very nice

  2. fun !_! ^_^ Says:
    November 23rd, 2008 at 11:39 am

    As the first answer said communist goverment is all about that. It sounds nice but in a goverment like that humans become to power hungry its not our fault its our nature so sadly that will never happen but that is a great idea.

  3. meg Says:
    November 23rd, 2008 at 8:34 pm

    The world income is almost $7000 per person or was several yeas ago. With the growth in China it may be more now. Most countries keep track of their GDP so you can just add it all up and divide by the number of people. The biggest error is due to converting them all into a common currency because the difference between exchange rates and cost of living measures.

  4. speakimpeccably Says:
    November 24th, 2008 at 12:52 pm

    There’s a socialist idea if ever I’ve heard one.

    If everyone on earth were paid the same, the economy would stagnate because there would be no incentive to do more than maintain the status quo. Then the economy would crumble because there would be no reason to work – no farmers to grow food, no textile companies to make clothes, no auto manufacturers to build cars, no oil drilling, no dentists, no doctors, no hospitals, no waiters, no sanitation workers – nobody would have any incentive to work at all, let alone make new discoveries.

    What an awful thought. That’s almost as bad as paying people only what they’re worth. Most politicians would be living in poverty.

  5. Che Says:
    November 27th, 2008 at 7:13 am

    There’d be no incentive to work harder or invent new things.