There Is Growing Concern About Poverty And Income Inequality

There Is Growing Concern About Poverty And Income Inequality These Tw

There is growing concern about poverty and income inequality. These two concepts, however, are not the same. Income inequality deals with the percentage of income earned by the different income groups, while poverty is concerned with how difficult it is for the poor to meet basic needs. In Section 1.4, you read about deontological and consequential approaches to ethics. Using those approaches, evaluate how well free market systems versus government intervention in markets address poverty and income inequality. Include in your discussion an explanation of how people in a free market economy, acting in their own self-interest, can better those around them. ANSWER AND THEN REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTIONS AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 100 WORDS )

Paper For Above instruction

Addressing poverty and income inequality requires an ethical evaluation rooted in deontological and consequential perspectives. Free-market systems prioritize individual self-interest, grounded in the deontological approach that emphasizes duties and moral principles. In such systems, individuals acting in their own self-interest can inadvertently benefit society by creating incentives for innovation, employment, and economic growth, which can lift many out of poverty. For instance, entrepreneurs motivated by profit might develop products and services that fulfill unmet needs, thereby creating jobs and increasing income for others (Smith, 1776). However, from a deontological standpoint, certain market practices—such as price gouging during shortages—may violate moral duties to help those in need, indicating a moral tension within unregulated markets.

On the other hand, government intervention often aims to address the shortcomings of free markets in tackling poverty and inequality. Through policies such as minimum wages, social safety nets, and subsidized healthcare, governments can fulfill their moral duty to protect vulnerable populations (Sen, 1999). From a consequentialist perspective, these interventions seek to maximize overall societal well-being by reducing disparities and ensuring basic needs are met. While successful in alleviating short-term suffering, excessive regulation might stifle economic incentives, leading to reduced overall growth (Buchanan & Tullock, 1962). Therefore, a balance between free-market principles and government oversight, aligned with ethical considerations, is essential for effectively addressing poverty and inequality.

References

• Buchanan, J. M., & Tullock, G. (1962). The Calculus of Consent: Logical Foundations of Constitutional Democracy. University of Michigan Press.
• Smith, A. (1776). The Wealth of Nations. Methuen & Co., Ltd.
• Sen, A. (1999). Development as Freedom. Oxford University Press.
• Stiglitz, J. E. (2012). The Price of Inequality: How Today's Divided Society Endangers Our Future. W. W. Norton & Company.
• Weber, M. (1947). The Theory of Social and Economic Organization. Free Press.
• Rawls, J. (1971). A Theory of Justice. Harvard University Press.
• Nozick, R. (1974). Anarchy, State, and Utopia. Basic Books.
• Hayek, F. A. (1944). The Road to Serfdom. Routledge.
• Krugman, P. (2007). The Conscience of a Liberal. W. W. Norton & Company.
• Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. William Morrow.