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)
When it comes to poverty in the free market system using the deontological approach would hurt this field because most deontologists would raise prices in times of shortage. This would be contradicting the system because their focus is helping those in need and offering them the essentials in times of shortage. Now on the other hand, using this method for government intervention would be different because they would need to raise prices to keep the government afloat. However, when we look at the consequential approach then things would be based off trial and error, which can be beneficial but has little room to move with.