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. Bring examples from your own experiences where your actions, though entirely self-motivated, resulted in a benefit to somebody else. Your journal entry must be at least 200 words in length. No references or citations are necessary.
Book Reference: Managerial Economics – Luke M. Froeb
Additional Details on the grading
Response reflects indepth consideration and personalization of the theories, concepts, and/or strategies presented. Viewpoints and interpretations are insightful. Response demonstrates synthesis of ideas presented.