Question

In: Economics

Bribing Your Way Into Big Name Colleges I am sure many of you have been following...

Bribing Your Way Into Big Name Colleges

I am sure many of you have been following the news about parents bribing universities and colleges to admit their children. Here is one of the first articles about how parents engage in all kinds of activity, some legal, some not, to make sure their children get into prestigious schools. Since then, many of the parents have pled guilty and gone to jail. Being the first and only person in my family to go to college, and getting in on the basis of merit, I found this to be quite disturbing. What do you think? Write on page of paragraph.

Solutions

Expert Solution

Corruption in an economy can have negative consequences as it adversely effects the poorer sections of the society. Bribing your way into big colleges are no different. It affects the weaker sections of the economy who are not able to afford to get their way into big colleges through bribery as it seizes the opportunities of the students belonging to economically weaker sections. Corruption, thus, further widen the gap between the two sections of the society increasing the income inequality. For instance, when a student belonging to a rich family gets into a college giving sufficient amount as bribe to get into, the student is seizing the opportunity of another student getting into the college who might not be able to afford its way into the college. Now, the concern is that the rich student will pass out from the reputed college with a handsome package whereas the poor student will be left with low or average package as a result of not being able to study from a good college. Hence, this will only drive the gap between the income inequalities in the society and affect the wealth of nations.


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