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Feedback on LNAT Essay

Hi! Does anyone mind giving me feedback on this practice LNAT essay that I've done under timed conditions? Thank you!

Should the salaries of business executives be capped? Why/why not?

The salaries of business executives should be capped. Business executives, particularly in large corporations, can earn millions of pounds per year, while many of their employees are earning the meagre minimum wage. This is unethical. Although it can be argued that the reason why business executives earn so much is due to the nature of our free market economy, it is still important to consider the human cost of the executives’ hefty salaries.

Business executives have the potential to be earning millions of pounds per year, or even billions in some cases. This is especially true for large firms, as can be seen in the case of Jeff Bezos, CEO of Amazon. During the COVID-19 pandemic, Bezos has earned more than £5 billion alone, at the same time when people around the world were losing their livelihoods. Loss of income due to unemployment has been evident across several countries, particularly in developing countries. Families went hungry, became homeless and experienced higher levels of stress and anxiety. People lost their loved ones to the virus. Yet, business executives such as Bezos were able to capitalise on the helpless situation of people. They were able to garner huge profits from the surge in online shopping. It is needless to say that this is unethical, and something should be done about this. Although this will not completely solve the problem, capping the salaries of business executives would help.

It may be argued that wages are determined by the price mechanism found in our free market economy. The more demand there is for someone, the higher their wages are. However, the price mechanism does not take into account the human cost of this, and so we must not depend on it completely. Of course, Jeff Bezos may well deserve to be earning more than, say, a receptionist at an Amazon centre, due to the higher level of skill, time and effort required to do his job. However, if business executives’ salaries are not capped, there may be a rise in the number of billionaires. There should not be multi-millionaires, let alone billionaires, when there are pressing issues of poverty, homelessness, starvation, to name a few. Furthermore, capping the salaries of business executives can lead to higher tax revenues for the government. This will help in overcoming those issues.

To conclude, the salaries of business executives should be capped. Although wages are determined by the price mechanism, it is important for there to be a cap on their salaries to prevent them from accumulating mass wealth to defeat pressing issues such as poverty.
(edited 2 years ago)

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