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Some people believe that the range of technology available to individuals today is increasing the gap between rich people and poor people, while others say that technology has the opposite effect. Discuss both views and give your opinion.

People have different views about whether the variety of technological applications available to people in recent times has contributed to a vast wealth gap or not. Although it is undeniable that technology, in some aspects, makes inequality worse, I believe it significantly reduces wealth disparities.

On the one hand, technology is widening the gap between the rich and the poor as all the countries around the world are investing more and more in automated machines, which could hurt the people who have labor-related jobs. Instead of AI complementing their jobs, it will replace them entirely with automatic machines, robots, and highly advanced software. While these automatic machines will increase the owners' productivity, demand, and supply levels and even make them more prosperous, losing jobs will make the poor poorer. As all jobs will start becoming automated, the labor that is not efficient or as highly skilled will have to give up their jobs as they will not be able to keep up with the productivity levels. Robots will easily substitute the workers. According to World Economic Forum, machines will replace 85 million laborers by 2025.

On the other hand, with the advents of modern devices, wealth inequality is being reduced. Since technology has become more affordable and the internet seems increasingly accessible, a more comprehensive range of citizens has access to digital resources. Mobile technology is said to have transformed the availability of financial resources to those in developing countries, and by providing increased access to them, it allows for a higher quality of living and better opportunities. Digital technology also holds out the promise of directly reducing the imbalance in educational resources. With an equal level of education, inequality decreases; this gives citizens the same opportunities, if not a lot more than what was previously offered to them.

In conclusion, digital technology does make the gap between the rich and the old bigger. Simultaneously, it also dramatically narrows that gap.

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